TransGrid establishes $800m of new bank debt facilities

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TransGrid has announced the establishment of $800 million in new syndicated bank debt facilities comprising a $600 million three-year capex facility and $200 million seven-year term debt facility.

The new facilities combine highly competitive financing terms and additional funding capacity, with structural flexibility to support delivery of our future capex program including major projects.

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They have been provided by a group of existing and new bank lenders, solidifying banking relationships and demonstrating the strong appetite for TransGrid’s business, despite significant recent volatility in financial markets with the onset of COVID-19.

Commenting on the transaction, TransGrid CFO Jason Conroy said, “We are delighted with the establishment of these debt facilities. It is a product of the hard work and dedication of our treasury, legal and finance teams. We wish to thank our banks for their continuing support, welcome our new banks and look forward to the continuing growth and development of our business.”

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TransGrid was advised on the transaction by RBC Capital Markets and King Wood Mallesons.