(EnergyAsia, October 9 2012, Tuesday) — Australia’s Origin Energy Limited has announced it has successfully secured A$2.4 billion of syndicated bank loan facility with terms of four and five years maturing between October 2016 and October 2017. (US$1=A$0.98).
The company’s executive director for finance and strategy, Karen Moses, said:
“Origin continues to receive strong support from both domestic and international financial institutions, as evidenced by the significant level of demand from lenders.
“The loan facility will be used to refinance existing loan facilities maturing in the 2013 and 2014 financial years, and together with the 500 million Euro seven-year medium term notes issue announced on October 3, remove Origin’s requirement for refinancing until 2015.”
Earlier, Origin Energy said it had successfully priced and allocated the seven-year Euro medium term notes with a coupon rate of 2.875% to mature in October 2019. The proceeds have been swapped into US dollars at an average annual rate of 3.462.
Ms Moses said the proceeds from the issue will be used to refinance existing debt and fund the company’s cash contribution to developing Australia Pacific LNG project.