By Lisa Kerner
Charlotte, N.C., July 23 - AGL Energy Ltd. priced $300 million of unsecured notes in the U.S. private placement market, according to a company news release.
The notes comprise two tranches: $165 million of 12-year notes and $135 million of 15-year notes.
AGL said the $300 million will be converted to A$338 million at margins of 259 and 254 basis points above floating Australian dollar bank bill swap rates for the 12-year and 15-year tranches, respectively.
Proceeds will be used to cancel existing bank debt facilities.
AGL said the transaction was more than two times oversubscribed.
"The transaction is consistent with our stated strategy of diversifying funding sources and lengthening debt maturities," AGL chief financial officer Stephen Mikkelsen said in the release.
AGL is an Australian integrated renewable energy company.
| Issuer: | AGL Energy Ltd.
|
| Issue: | Unsecured notes
|
| Amount: | $300 million
|
| Distribution: | Private placement
|
|
|
| First Tranche
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| Amount: | $165 million
|
| Maturity: | 12 years
|
|
|
| Second Tranche
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| Amount: | $135 million
|
| Maturity: | 15 years
|
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