SP Ausnet executes 3 bank debt facilities to raise total of A$400mil

Singapore Power’s Australian unit, SP AusNet, has successfully executed three bank debt facilities to raise a total of 400 million Aussie dollars. Proceeds from the deal will be used to refinance existing bank debt and to fund growth capital expenditure. The company says it’s maintaining a well diversified debt maturity profile together with well diversified sources of debt. This, coupled with a strong investment grade credit rating, gives it ready access to debt markets both in Australia and offshore. SP AusNet notes it is therefore not reliant on any one capital market or any one source of debt The firm had 446 million Aussie dollars in cash at the end of September and 325 million Aussie dollars of undrawn but committed bank debt facilities due in April 2012