ElectraNet has secured a major funding deal in the US Private Placement market for US $350 million. ElectraNet will use the funding to re-finance existing debt facilities and to provide funding for its 2010 to 2011 capital works program.
The term of the issue is split evenly between four and six years and is expected to be drawn down in August 2010.
This is the first time the company has sought funding from the US market and represents a focus by the business to diversify its funding markets and to lengthen its debt maturity profile.
ElectraNet’s CEO, Mr Ian Stirling said, “ElectraNet will benefit enormously from this major funding deal as it establishes a stable funding source that the company can utilize to meet its future capital expenditure needs.”
ElectraNet has successfully partnered with the National Australia Bank and JP Morgan through ANZ to assist with the process of refinancing in the US Private Placement market.
Electricity. At ElectraNet, we move it.
ElectraNet is a regulated Transmission Network Service Provider (TNSP) in the National Electricity Market (NEM). Our role is to provide the high voltage large capacity network for generators to transport their electricity to end users.
Best practice and management systems for economic, environmental, technical and social planning have played an integral part to our infrastructure development for South Australia, delivering major capital projects worth over 300 million in recent years to the community.
ElectraNet has developed a long term vision for the transmission network in South Australia, Network 2025 Vision.
ElectraNet works closely with the South Australian State Government, industry sector bodies and regional development boards to identify new opportunities and provide guidance and direction on future transmission projects.
ElectraNet remains committed to the State's long term need for an electricity transmission service that is safe, provides security of supply, is capable of meeting growing electricity demand, and is reliable, efficient, responsive and sustainable.
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