New York, May 25 – Westlink M7 priced an A$200 million private placement of senior secured notes in two tranches.
The offering is divided into A$100 million of 12-year notes and A$100 million of 15-year notes, according to an announcement from Transurban Group.
Proceeds will be used to partly prepay term debt due in August 2019.
M7 is part of the NorthWestern Roads Group, which was created to hold M7 and to develop the NorthConnex project. Transurban has a 50% interest in NorthWestern Roads.
The notes are Westlink M7’s first in the U.S. private placement market, Transurban chief financial officer Adam Watson said in a news release.
“It continues Transurban’s capital strategy of diversifying its debt portfolio into capital markets and extending the average tenor of debt,” Watson added.
Transurban, a toll road owner and operator with interests in Australia and the United States, is based in Docklands, Victoria, Australia.
| Issuer: | Westlink M7
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| Issue: | Senior secured notes
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| Amount: | A$200 million
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| Pricing date: | May 26
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| Settlement date: | August
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| Distribution: | Private placement
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| Twelve-year notes
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| Amount: | A$100 million
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| Maturity: | 12 years
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| Fifteen-year notes
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| Amount: | A$100 million
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| Maturity: | 15 years
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