SP AusNet Agrees to A$400 Million of Bank Facilities

SP AusNet, which manages a A$6.3 billion ($6.3 billion) electricity and gas network, agreed to A$400 million of loans to refinance existing debt and fund capital expenditure.

The loans include a A$100 million bank facility with a tenure of 364 days, A$200 million due in three years and A$100 million maturing in four years, the Melbourne-based company said in a statement to the Australian stock exchange.

SP AusNet, 50 percent-owned by Singapore’s Temasek Holdings Pte Ltd., had a net debt of A$4.3 billion as of Sept. 30, according to the statement. The utility company is rated A1 by Moody’s Investors Service, A- by Standard & Poor’s and BBB+ by Fitch Ratings.