Sydney motorway refinanced

Financial close on Eastern Distributor

Transurban has raised over AU$300m for the Eastern Distributor Motorway.

The firm owns just over 75% of the motorway and the money will go towards repaying an existing $300m MTN issued by the Eastern Distributor (ED).

Transurban CFO Adam Watson said: “This refinancing has delivered a substantial reduction in ED’s overall funding costs. The hedged interest rate on the new facility is significantly lower than the interest rate on the maturing MTN bond issuance. We continue to appreciate the strong support that we receive from our relationship banks.”

Meanwhile, Transurban has launched a global search for a new chief financial officer, with Watson due to leave next month.