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ALE Group

Debt & Capital Raisings

Capital Structure at 30 June 2018

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 2.2
AMTN (Unsecured) Baa2 $150 2.50% 1.50% 4.00% 20 Aug 2022 4.2
CIB (Secured) AAA / Aaa $151 3.20% 0.20% 3.40% 20 Nov 2023 5.4
Total and Averages $526 3.13% 1.13% 4.26% 3.7
(Cash) on Deposit ($46)
Total Net Debt $480
  • Base Rate for CIB is a real interest rate. The balance of the CIB escalates with CPI
  • Debt amounts are gross and exclude reductions for any unamortised borrowing costs
  • 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 an average total hedging term of 7.4 years on 100% of forecast net debt
  • Hedging facilities were $10.1m out of the money as at 30 June 2018
  • Cash balance includes $8.4m for debt service reserve security, $20.5m for Sept 2018 distribution and $2.0m reserve for AFSL requirements

Debt Maturities and Fixed Interest Rates

Debt Maturities

Note: Base interest rates exclude credit margins