ConnectEast Said to Seek A$1.2 Billion Loan Facility to Refinance Debt
ConnectEast Group, the owner and operator of EastLink motorway in Melbourne, approached banks seeking a loan of about A$1.2 billion ($1.3 billion) to refinance debt, three people familiar with the matter said.
The facility may involve loans with between three- and seven-year maturities, the people said, asking not to be identified as details are private.
The company expects to complete the refinancing process in the second quarter of the year, Melbourne-based ConnectEast spokesman Peter De Luca said in an e-mailed response to queries from Bloomberg.
“Refinancing discussions are underway with lenders covering a range of tenors in the bank debt market,” he said, with reference to some of the company’s debt which is due in November.
ConnectEast has a A$1.2 billion debt facility with portions due in November this year and November 2014, according to data compiled by Bloomberg. Commonwealth Bank of Australia (CBA), Societe Generale SA, United Overseas Bank Ltd. (UOB) and BOS International arranged the loans in 2004, the data show.
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