DBI achieves financial close on $1.07bn refinancing

• Secured A$820m in revolving credit facilities over 3- and 5-year tenors
• Secured A$250m 2-year term facility
• Repaid USPP Notes and existing revolving credit facilities
• Reduced weighted average debt margin from 3.26% to 1.56%

Dalrymple Bay Infrastructure Limited (DBI) has announced the successful financial close of new loan facilities totalling $1.07 billion. DBI, through its subsidiary Dalrymple Bay Finance Pty Limited, secured A$820 million in revolving credit facilities over 3- and 5-year tenors from Australian and offshore banks, expanding its banking group to include 4 new lenders. Additionally, DB Finance secured a 2-year A$250 million term facility from 3 key relationship banks. The new facilities have been used to repay in full the 2020 USPP Note Series, comprising US$327 million and A$317 million tranches with maturities in 2027, 2030 and 2032, as well as to fund early repayment costs and repay and cancel the existing A$410 million of revolving credit facilities that were scheduled to mature in 2026 and 2027. The refinancing has resulted in a reduced weighted average margin for the new facilities of 1.56%, compared to the weighted average margin of 3.26% for the refinanced facilities and USPP Notes. This is expected to deliver approximately $75 million in reduced interest costs over the period to 2030. DBI remains hedged against base rate exposure for approximately 85% of its drawn debt post-refinance and continues to be fully hedged against foreign currency exposure.

The refinancing is expected to deliver reduced interest costs of approximately $75 million over the period to 2030.

DBI expects to refinance some of the facilities maturing in 2030 into longer tenor debt, where market conditions are favourable to do so.