Media Release
ElectraNet sources funding from US Private Placement Market
April 8, 2010
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.
