News / ConnectEast to refinance debt through bond issue

ConnectEast to refinance debt through bond issue

🕔 August 21, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

The project company for the Eastlink toll road in Melbourne has launched a A$1 billion (US$913 million) medium term note programme. The proceeds of the notes would partially refinance ConnectEast's A$1.285 billion in bank debt.

Moody's has also assigned a provisional Baa2 rating to ConnectEast Finance's senior secured AUD1 billion Medium Term Note  programme.

ConnectEast Finance is the finance company for the ConnectEast Group, which was awarded the concession to finance, design, build, maintain and operate the EastLink tollway in 2004 by the State of Victoria. The 39-kilometre tollway connects Melbourne's eastern and south-eastern suburbs. The concession expires in 2043. ConnectEast is owned by its ultimate equity investors through an investment vehicle known as Horizon Roads. Horizon roads is a vehicle managed by CP2 and with different investors. Investors include Britain's Universities Superannuation Scheme, Dutch pension asset manager APG, Korea's National Pension Service, China Investment Corp, Denmark's ATP, New Zealand Superannuation Fund, Teachers Insurance and Annuity Association of America and Mirae Asset Maps/Korean Teachers Credit Union. among them, China Investment Corporation, National Pension Service of Korea and US-based Teachers Insurance.

The notes issued under the Medium Term Note Program will rank pari passu with all other senior secured debt issued by ConnectEast Finance.

This is the first time that Moody's has assigned ratings to ConnectEast.

Source: Moody's


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