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ALE Group

Debt & Capital Raisings

Capital Structure at 30 June 2017

Debt Facility Issue Rating Amount ($M) Base Rate Issue Margin All Up Fixed Rate Scheduled Maturity Remaining Term (Years)
AMTN (Unsecured) Baa2 $225 3.50% 1.50% 5.00% 20 Aug 2020 3.2
AMTN (Unsecured) Baa2 $150 2.50% 1.50% 4.00% 20 Aug 2022 5.2
CIB (Secured) AAA / Aaa $148 3.20% 0.20% 3.40% 20 Nov 2023 6.4
Total and Averages $523 3.13% 1.13% 4.26% 4.7
(Cash) on Deposit ($60)
Total Net Debt $463
  • Base Rate for CIB is a real rate. The balance of the CIB escalates at CPI
  • Debt amounts are gross. They exclude reductions for any unamortised borrowing costs
  • The all up fixed cash rates apply until the AMTN and CIB maturity dates, after which the base interest rates are hedged until November 2025 on around 100% of ALE’s forecast net debt amounts
  • Fixed rate and forward start hedging facilities provide a weighted average total hedging term of 8.4 years on 100% of net debt
  • Hedging facilities were $4.8m out of the money as at 30 June 2017
  • Cash balance above includes $8.4m held in debt reserve as security for the CIB, $20.1m for September 2017 distribution and $2.0m reserve for AFSL regulatory requirements

Debt Maturities and Fixed Interest Rates

Debt Maturities