News: SP Ausnet raises $543M

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SP AusNet (ASX:SPN) has raised $543 million through a ten year, 350 million Euro bond issue.

 

CFO Adam Newman says the money will be used to refinance existing debt and to fund capital expenditure.

 

Mr Newman says the second Euro bond issue in 12 months was nearly 4 times over-subscribed.

 

SP Ausnet says it has ready access to debt markets in Australia and offshore, due to its strong credit rating.

 

SP AusNet generated a net profit of $97.7 million in the first half of fiscal 2014.