Pacific Energy has completed a $2 billion refinancing and equity raise, upsizing its debt facility by $400 million.
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Backed by 15 banks, the refinancing was achieved on more competitive terms, including a reduced funding cost and extended debt maturities with diversified tenors of 5, 7, and 10 years. These enhancements provide Pacific Energy with long-term financial flexibility and reduce refinancing risk.
The successful refinancing is complemented with continued support from QIC and its institutional clients, culminating in a successful equity raise of $370 million. The new equity commitments from investors across Australia, Asia and North America take the total amount of capital raised over the past 18 months to $500 million.
The new debt facility and equity raise provide Pacific Energy with approximately $1 billion of growth capital, positioning the company for future expansion.
Pacific Energy CEO Jamie Cullen said,“The successful upsizing of Pacific Energy’s debt facilities and equity raise mark a significant milestone in supporting our strategic growth ambitions, including our continuing east coast expansion.
“This boost to our growth capital puts us in a strong position to advance our robust pipeline of renewable energy projects and take full advantage of the increasing opportunities in Australia’s transition to a low-carbon economy.
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“We’re in a leading position to deliver long-term value for our customers, and at the same time, move the dial in a meaningful way towards a more sustainable future.”
