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AGL Successfully Refinances A$800 Million Debt

Source: 6/5/2009, Location: Not categorized

AGL Energy Limited has successfully refinanced its 2009 and 2010 debt maturity obligations. The new facilities, which total A$800 million in two tranches, are for a term of three years maturing in June 2012.

The first tranche is for A$200 million and is a fully drawn facility with a bullet repayment. The second tranche is for A$600 million and is a revolving facility. Both tranches have the same ricing and term structure. The facilities are senior and unsecured in nature and rank pari passu with AGL’s other borrowing facilities. AGL will pay a fully drawn margin of 280 basis points per annum above applicable base rates for both tranches. The banking syndicate comprises the four major domestic banks and 13 offshore banks.

The new facilities, together with surplus cash accumulated from asset sales, have replaced two tranches of debt for A$1,133 million and A$550 million originally scheduled to mature in October 2009 and October 2010 respectively. As a result of this transaction, AGL will have no debt maturities until the 2012 financial year.

AGL Chief Financial Officer, Stephen Mikkelsen, said the refinancing was an excellent result for AGL. “This outcome is a clear vote of confidence in AGL’s credit quality. Although we were looking to refinance only $800 million, we received commitments for approximately $1.2 billion from both domestic and offshore banks,” Mr Mikkelsen said.

“Over the past 20 months we have put considerable effort into strengthening our balance sheet. We will continue to be disciplined in our capital management to maintain this position,” Mr Mikkelsen added.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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