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ALE Group

Debt & Capital Raisings

Capital structure at 30 June 2021

Debt Facility Issue Rating Amout ($M) Facility Limited Base Rate Credit 
Margin
All Up Fixed Rate Scheduled Maturity Remaining Term (Years)
AMTN (Unsecured) Baa2 $150.0 $150.0 2.50% 1.50% 4.00% Aug 22 1.10
CIB (Secured) AAA / Aaa $158.1 $158.1 3.20% 0.20% 3.40% Nov 23 2.40
AMTN (Unsecured) Baa2 $150.0 $150.0 0.49% 1.90% 2.39% Aug 24 3.40
Bank loans1 (Unsecured) n/a $85.0 $100.0 0.49% 2.50% 2.99% Mar 23 - Mar 25 2.70
Total and Averages $543.1 $558.1 2.00% 1.48% 3.48% 2.40
(Cash) on Deposit ($43.6)
Total Net Debt $499.5

1. Weighted average

  • 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 98% of ALE's forecast net debt amounts
  • Fixed rate and forward start hedging facilities provide an average total hedging term of 4.4 years on 100% of forecast net debt
  • Hedging facilities were $29.0m out of the money as at 30 June 2021
  • Cash balance includes $9.9m for debt service reserve security, $20.4m for Sept 2021 distribution and $2.0m reserve for AFSL requirements

Debt Maturities and Fixed Interest Rates

Debt Maturities

Note: Base interest rates exclude credit margins