Bloomberg News

ConnectEast Said to Attract 9 Lenders to A$1.2 Billion Loan

May 22, 2012

ConnectEast Group, the owner and operator of the EastLink motorway in Melbourne, has attracted nine lenders to its A$1.2 billion ($1.2 billion) loan facility, according to a person familiar with the matter.

The company sought commitments for three-, five- and seven- year term loan portions earlier this year, and will use the proceeds to refinance existing debt, the person said, asking not to be identified because the details are private. Final documents for the facility are being organized and the loan is expected to be completed next month, the person said.

Peter De Luca, a Melbourne-based spokesman for ConnectEast, declined to comment on the financing when contacted by e-mail today.

ConnectEast has a A$1.2 billion debt facility with portions due in November this year and November 2014, according to data compiled by Bloomberg. Commonwealth Bank of Australia, Societe Generale SA, United Overseas Bank Ltd. and Lloyds Banking Group Plc’s Australian unit BOS International arranged the loans in 2004, the data show.

Australia & New Zealand Banking Group Ltd., Commonwealth Bank, National Australia Bank Ltd., Westpac Banking Corp. and BOS International, along with a Japanese and a Canadian lender, have committed funds to the new facility, the person said today, declining to elaborate.

Institutional fund managers Industry Funds Management Pty and Westbourne Credit Management Ltd. have also pledged funds, the person said. BNP Paribas SA and Royal Bank of Scotland Group Plc, lenders to the previous facility, haven’t committed money this time, the person said.

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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