APA Group (ASX:APA), Australia's largest natural gas infrastructure business, today announced it has successfully executed a new syndicated bank facility agreement, with three new facilities totalling $1.25 billion.

APA refinanced two existing facilities of $483 million each, which were due to mature in November 2014 and November 2015. The three new facilities of $400 million, $425 million and $425 million have terms of 2.25 years, 3.25 years and 5.25 years, maturing in September 2016, 2017 and 2019 respectively.

As a result of this transaction APA now has no further debt refinancing obligations until the maturity of $186 million of US Private Placement Notes in September 2015.

The new facilities, which are provided by a syndicate of 16 domestic and foreign banks, were oversubscribed, demonstrating strong support that lenders continue to show for APA.

This transaction follows on from APA's successful refinancing of bilateral bank facilities in December 2013. At that time, four existing bilateral bank facilities were extended to a total of $400 million, with a term of 5 years, maturing in December 2019.

The refinanced syndicated and bilateral facilities will be used for general and working corporate purposes.

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