CONNECTEAST REACHES FINANCIAL CLOSE ON REFINANCING
20/06/2012
ConnectEast Group, the owner and operator of EastLink, is pleased to announce that it has reached financial close on the refinancing of 100% of its $1.2 billion debt facilities.
“The successful financial close of the $1.2 billion refinancing despite the challenges in global credit markets reflects the lenders’ confidence in ConnectEast and its new investors, and in the EastLink asset,” said ConnectEast Managing Director Dennis Cliche.
ConnectEast’s $1.2 billion debt facility was comprised of $810 million due in November 2012 and $404 million due in November 2014.
Both facilities have been refinanced with nine lenders participating across four tranches with tenors of two, three, five and seven years.
The Mandated Lead Arrangers comprise:
- Australia and New Zealand Banking Group Limited (ANZ)
- BOS International
- Bank of Tokyo Mitsubishi UFJ
- Canadian Imperial Bank of Commerce
- Commonwealth Bank of Australia
- Industry Funds Management (IFM)
- National Australia Bank
- Westbourne Capital
- Westpac Banking Corporation
“We are pleased with the strong support offered by all our lenders through this refinancing process.” said Mr Cliche.
“The introduction of an institutional tranche of debt by IFM and Westbourne Capital provides longer-dated debt than generally available in the bank market and demonstrates the appetite of Australian superannuation funds to invest in high-quality infrastructure assets.”
“ConnectEast continues to operate as a sound and sustainable business with an expanding customer base and a strong reputation for safety and customer service,” said Mr Cliche.
ConnectEast was advised by AquAsia and King & Wood Mallesons.
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