Transurban Group, Australia’s biggest operator of toll roads, signed A$740 million ($730 million) of loans to finance an upgrade of its Hills M2 Motorway in north-western Sydney.
The Melbourne-based company obtained four- and six-year non-recourse project financing from Bank of Tokyo-Mitsubishi UFJ Ltd., Commonwealth Bank of Australia, Credit Agricole CIB, National Australia Bank Ltd., Scotiabank Group and Sumitomo Mitsui Banking Corp., it said in a statement to the Australian stock exchange today.
Transurban, which returned to profit in the 2010 financial year on an increase in toll revenue and cost cuts, reached an agreement with the New South Wales state government in October 2009 to upgrade the 21 kilometer (13 miles) Hills M2 motorway. The total cost of the improvements was expected to be about A$550 million, it said in a regulatory filing at the time.
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