MIG jus announced what I think will be the first of a long line of refinancings this year. " 3 June 2005 ^pu=obib^pb= Macquarie Infrastructure Group REFINANCING OF INTERLINK ROADS PTY LTD Macquarie Infrastructure Group (MIG) today announced the refinancing of the debt in relation to the M5 in Sydney, Australia. Interlink Roads Pty Ltd (ILR) holds the tolling concession for the M5. MIG has a 50% interest in ILR. The refinancing has resulted in new debt facilities of $540 million (which will be drawn to $500 million) and a reset of the interest rate swaps. The new $500 million debt facility is a five-year, interest only facility, with repayment due in 2010 and replaces the previous $485 million facility. Interest margins on the new facility are 32.5 basis points which is less than half that on the previous facility. The new debt has a credit rating from Moody’s of A2 and from Fitch of A. Mr Stephen Allen, Chief Executive Office of MIG said, “The facility will lower Interlink Road’s interest expense, provide greater flexibility in its terms and conditions and defer amortisation of the debt.” The providers of the new facilities are Westpac Banking Corporation, Commonwealth Bank of Australia and ANZ." (2)Skyway is likely to be refinanced (3) M6 Toll is also likely
Then coming on stream is : (1) Westlinl (2) SR 125 San Diego
The weighted average of all concessions is 66Yrs
If that is not a growth story then what is?
MIG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
