Ann: FINANCIAL CLOSE OF THE ED MOTORWAY REFINANCING, page-2

  1. 1,502 Posts.
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    Some interesting comments in this (otherwise unremarkable) announcement:

    “Transurban CFO Adam Watson said of the transaction: “This refinancing has delivered a substantial reduction in the ED’s overall funding costs. The hedged interest rate on the new facility is significantly lower than the hedged interest rate on the maturing facility…”

    and

    “Adam Watson further said: “Debt market conditions continue to remain positive for Transurban’s debt refinancing pipeline with current observed market interest rates being below the Transurban Group’s average cost of debt”.

    Not sure how much the market is pricing this in at this stage, probably not at all given the low refinancing needs until FY20. One thing that would make a lot of sense for TCL, in my opinion, is to start pre-hedging known future debt issuance at current (implied forward) levels, by entering into forward-starting interest rate swap agreements or by purchasing payer swaptions.
 
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Last
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