Origin Energy has sealed the biggest syndicated loan in Australia this year.

The electricity provider secured a syndicated facility worth A$7.4bn (about US$6.7bn). The loan has two tranches, with tenors of four and five years, respectively. It will be used to refinance its existing debt.

The syndicate is composed of ANZ, Bank of America Merrlll Lynch, Goldman Sachs, JP Morgan and UBS. However, it has been reported that the company is keen to add further banks to the syndicate in an effort to secure more favourable pricing. It’s also been suggested that part of the debt will be refinanced on the capital markets.

Karen Moses, the company’s executive director of finance and strategy, says: “Execution of this substantial facility demonstrates continued strong support for Origin by domestic and international financial institutions.”