Australian listed toll road operator Transurban has recently announced that one of its toll roads – Sydney’s Westlink M7 – has concluded the refinancing of A$505 million (€360.5 million; $490 million) of debt.
The Westlink M7 is 50 percent owned by Transurban with the other 50 percent in the hands of the Western Sydney Roads Group – a joint-venture between Macquarie and a subsidiary of the Queensland Investment Corporation.
According to Transurban, the Westlink M7 has raised A$505 million of debt from a syndicate of financial institutions including Australia and New Zealand Banking Group, Commonwealth Bank, Credit Agricole , Industry Funds Management, National Australia Bank, Natixis Australia and Westpac Banking Corporation. The tranche has a four year maturity.
The Westlink M7 also has A$500 million of debt maturing in December 2012 and a A$250 million tranche maturing in December 2015, Transurban said.
“This re-financing has been successfully executed on competitive market terms which align well with recent toll road financings. This reflects Westlink’s strong investment grade credit rating and its strong traffic and earnings growth history and outlook,” commented Tom Honan, chief financial officer of Transurban.