Transurban’s WestConnex closes $800m US private placement

The news: Transurban said the financing arm of its WestConnex Group has issued $800 million of fixed rate 10-year senior secured notes in the US private placement market.

The numbers: The road toll operator, which led a $20 billion acquisition of WestConnex from the NSW Government, said the proceeds would be used to partially refinance existing debt facilities with the remainder to be paid as a capital release to WCX’s shareholders. The Notes will rank equally with WCX’s existing senior secured debt.

The context: Sydney's Rozelle Interchange, the final component of the WestConnex motorway scheme, was opened in November. ASX-listed Transurban, under the leadership of new CEO Michelle Jablko since October, privately operates the $16.8 billion toll road network, which is Australia's largest underground road infrastructure project.