APA raises $US325 million from US/Aust placement

Australian Pipeline Trust (APA) has completed a massive $US325 million private placement with the proceeds to be used to refinance bank debt.
APA raises $US325 million from US/Aust placement APA raises $US325 million from US/Aust placement APA raises $US325 million from US/Aust placement APA raises $US325 million from US/Aust placement APA raises $US325 million from US/Aust placement

The transaction is APA's first raising in the bond markets and involved 13 investors through a combination of A$ and US$ tranches.

"We were impressed by the level of understanding of our industry. To be able to achieve this level of execution without a physical roadshow was a testament to the marketing effort," said Michael McCormack, general manager, Commercial and Technical.

The placement comes after APA announced a continuation in its profit making run with a 10.63% increase in net profit to $41.05 million for the full year.

APA Chairman George Bennett said the result, its third consecutive profit increase since listing, was pleasing and in line with expectations given the stable and dependable revenues from APA's various pipeline assets.

The result is due to pipeline expansion programs in Queensland and a bigger stake in Goldfields Gas Transmission in Western Australia, which contributed to a 6.46% rise in revenue to $271.912 million.

Most read Archive

loader

Most read Archive