DBP Transmission closes A$245 million refinancing

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DBP Transmission closes A$245 million refinancing

DBP Transmission, the owner and operator of the Australian Dampier to Bunbury Natural Gas Pipeline (DBNGP), has closed an A$245 million seven year bank debt facility.

The amount raised will be applied to repay part of DBP’s A$565 million of medium term notes when they mature in September 2015.

DBP’s CEO, Mr Stuart Johnston, stated:

“This transaction was led by The Bank of Tokyo-Mitsubishi UFJ, Ltd., a long term banker to the company, building on a similar transaction completed in September 2012. It leverages off strong Japanese bank relationships and provides competitive terms to DBP. DBP remains well placed to manage its remaining 2015 debt maturities in the near term.”

DBP Transmission is the trading name of the DBNGP group of entities that purchased the Dampier to Bunbury Natural Gas Pipeline in October 2004. DBP is majority owned by DUET Group (80%), with Alcoa a 20% minority owner.

The Dampier to Bunbury Natural Gas Pipeline (DBNGP) is the only natural gas pipeline connecting the Carnarvon Basin on Western Australia’s North-west Shelf with industrial, commercial and residential customers in Perth and the surrounding region. The pipeline runs from the Burrup Peninsula, near Dampier, to Bunbury in the south-west of the State.

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