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International Power Secures Refinancing For SEA Gas Pipeline, Australia

Published: 30-Oct-2009

International Power plc (International Power) announced that, together with its partners, it has completed an AUD425 million (GBP235 million) project refinancing for the 687 kilometers SEA gas pipeline, which links Victoria and South Australia. The new financing will run until October 2012, and fully replaces the existing financing, which was due to expire in December 2009.

International Power owns 33.3% of the 687 kilometers SEA gas pipeline; its partners in this project are Retail Employees Superannuation Trust and Australian Pipeline Trust, who also own 33.3% each.

The banks providing this new facility are Australia and New Zealand Banking Group, Commonwealth Bank of Australia, WestLB, National Australia Bank, Fortis Bank, Oversea-Chinese Banking Corporation and Investec Bank.

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