Refinancing of Australian debt facilities

25 Jun 2012

25 June 2012 - GDF SUEZ and International Power (70% owned by GDF SUEZ) are pleased to announce the refinancing of debt facilities at the Hazelwood and Loy Yang B power plants in Australia. The refinancing of both facilities was completed in a challenging environment of continuing regulatory uncertainty around energy and carbon policy.

The debt of A$652 million (€522 million) at the 1,542MW Hazelwood plant will be repaid from GDF SUEZ corporate resources. This repayment demonstrates the strength and flexibility of the GDF SUEZ balance sheet and delivers synergies to the Group, which were anticipated from the Combination between International Power and GDF SUEZ in February 2011. The existing facility for Hazelwood will be repaid in full on 29 June 2012.

The debt at the 955MW Loy Yang B plant, co-owned with our partner Mitsui & Co., Ltd., has been refinanced with a syndicate of banks. Project finance debt of A$1.06 billion (€0.85 billion) with a tenor of five years, maturing 30 June 2017, was provided by the syndicate, comprising both existing and new members. The new debt facility was well supported, particularly by the Australian and Asia-Pacific banks.
 
Refinancing of Australian debt facilities