Transurban announced last week that Westlink M7 (Westlink) has reached financial close on the refinancing of its $1,260 million in debt facilities. Westlink is 50% owned by Transurban.

The new A$1,270 million of debt has been provided by Australia and New Zealand Banking Group Limited, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Credit Agricole CIB, Export Development Canada, National Australia Bank Limited, Royal Bank of Canada, Scotiabank, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation.

The debt is being provided in three new tranches with tenors of 3 years, 5 years and 7 years. Transurban Acting CFO, Leigh Petschel, said:

"The re-financing was successfully executed in favourable market conditions and reflects the continuing strong performance of the Westlink asset."

Westlink M7 - formerly Western Sydney Orbital - is one of Sydney, Australia's urban motorways and a part of the Sydney Orbital Network. It connects three motorways: M5 South Western Motorway at Prestons, M4 Western Motorway at Eastern Creek and M2 Hills Motorway at Baulkham Hills. It opened on 16 December 2005, eight months ahead of schedule.

The project involves:

• The financing, design, construction, operation and maintenance of a 40 km long, four-lane, dual carriageway motor- way
• The financing, design and construction of associated improvements to surface roads and intersections.

The project has been funded, designed and built by the private sector, with around A$360 million of funding support provided by the Commonwealth Government.

The project was awarded to the WestLink Motorway consortium, comprising the following: Macquarie Bank, Transurban, Abigroup, and Leighton Contractors.

The estimated capital cost at the time of the contract award was A$1.54 billion.