Chief financial officer, Mr Ian Little, said the re-financing strategy was aimed at ensuring the group maintains about a third of its total debt within the banking sector, with the remainder being financed in the capital market.

"Although Envestra enjoys strong support from institutional investors and dealers for its Commercial Paper program, the current international economic uncertainties dictate a precautionary strategy in managing short-term debt," Mr Little said.

The re-financing has been undertaken with Commonwealth Bank of Australia, the Toronto Dominion Bank and Sumitomo Mitsui Finance Australia Ltd for Envestra Limited ($276m), and with the CBA and the ANZ Bank for Envestra Victoria Ltd ($150m).