AquaSure bond set to break new ground in Oz water
The upcoming US private placement bond issue which is being structured as part of the refinancing package for the Victorian Desalination Project could open up an entirely new funding route for Australian water infrastructure.
Although the bulk of the project’s original debt package was refinanced through the bank market, the long-term nature of the offtake agreement means that there is still an element of refinancing risk, given that the longest tenor featured in the recently negotiated bank loan package is seven years.
The US private placement market opens up access to longer tenors at competitive pricing levels, and VDP project company AquaSure is undestood to be looking to raise at least US$200 million with a ten-year maturity.
CBA, HSBC and NAB have all been fingered as possible lead managers for the deal, which is being viewed as an NAIC-2 credit, in the absence of a formal rating.
[출저: www.globalwaterintel.com / 2013년 10월31일]
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