SP AusNet (ASX:SPN) says it has successfully priced a $400 million 15-year Hong Kong dollar bond issue to raise about $49 million Australian dollars.
The electricity and gas provider’s CEO Geoff Nicholson says the proceeds will be used to refinance existing debt and to fund further capital expenditure.
SP AusNet advises that this is the company’s fourth bond issue involving the Asian market in the past year.
The company had $400 million cash on deposit and $550 million of non-current undrawn committed bank debt facilities as at the July 31, 2012.
SP AusNet generated a net profit of $255 million for its 2012 financial year.