Related News

Arrangers National Australia Bank, Royal Bank of Scotland and TD Securities have closed a A$630mn four-year term loan for NP Australia’s Basslink electricity transmission line between Victoria and Tasmania. The facility is guaranteed by National Grid Transco.

The deal was increased from A$615mn after an oversubscription. The arrangers committed A$70mn each. Co-arrangers are Bank of China, Commonwealth Bank of Australia, HSBC, ING Bank and Westpac Banking Corp, with A$64mn each. Lead managers China Construction Bank and Sumitomo Mitsui Banking Corp committed to A$42.5mn each. ICBC took A$15mn. The margin was 50bp over the ADBR. The commitment fee was 20bp.

The build, own, operate (BOO) project will connect Tasmania to Victoria’s national grid by an undersea cable across the Bass Strait.