Bloomberg News

APA Said to Plan to Increase Loan to as Much as A$1 Billion

October 25, 2011

(Adds company no comment in fifth paragraph.)

Oct. 25 (Bloomberg) -- APA Group, which owns and operates gas pipelines in Australia, expects to increase a loan to as much as A$1 billion ($1 billion) from A$500 million after attracting at least 15 banks in syndication, according to a person familiar with the matter.

Sydney-based APA hired Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia and Westpac Banking Corp. to help arrange the loan earlier this month. Proceeds will be used to refinance debt.

The two-part revolving credit facility, which has loans maturing in three and five-years, may be signed as early as next week, the person said, asking not to be identified as details are private. Banks have joined with commitments of $50 million to $150 million, the person said, declining to elaborate.

APA entered into a separate A$150 million bilateral debt facility with Commonwealth Bank earlier this month. That facility matures in October 2016, according to an Oct. 13 regulatory filing.

APA investor relations spokeswoman Chris Kotsaris declined to comment on the financing when contacted at her office in Sydney.

In a revolving credit facility money that’s been repaid can be borrowed again.

--Editor: Shelley Smith

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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