APA Group completes AU$1 billion syndicated loan facility

APA Group (ASX: APA) announced that it has successfully completed a syndicated loan facility to raise $1 billion of senior unsecured debt. The company said that it had received strong support from more than 20 new and existing financiers, which helped APA to increase the size of the offering from AU$500 million to AU$1 billion.

The loan facility includes two equal tranches of 5 and 7-year tenor. Both tranches are swapped into fixed rates with the overall cost mainly in line with the company’s existing average cost of debt. The fund raised via the new facility will help to refinance the variable debt used to fund the acquisition of Basslink debt and help to provide funding for APA’s growth projects and for general corporate purposes.

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