Company News Summary
Spark Infrastructure Group Announces CitiPower Placement into USPP Market
Original announcement: CitiPower placement into USPP market
Spark Infrastructure Group announced that CitiPower, in which the company holds a 49% interest, has reached agreement with US investors to place US$175m and A$25m of bonds into the USPP market. As part of the transaction, cross currency swaps were simultaneously executed to convert the US dollar funds into Australian dollars. The total raised equated to approximately $194m. The funds will be used to partly refinance A$475m in Australian credit wrapped bonds and bank debt facilities which mature in February 2013, and for working capital purposes. The debt is split into two tranches of seven and nine years, with A$69.5m for seven years and the balance for nine years.
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