Downer EDI successfully refinances $1 billion loan

Downer EDI has successfully completed the refinancing of $1 billion of its $1.3bsyndicated sustainability-linked loan facility.

The facility, which was resized from $1.4b to $1.3bn, comprises four tranches with different maturities.

Three of the tranches were refinanced, with $300 million extended to June 2029, $400m to June 2030, and $300m (Asian Term Loan) to June 2032.

The company said the proceeds will be used to partially repay the maturing US private placement of A$182m, which is due on July 8, 2025.

Downer also has a $500m Australian medium-term note maturing on April 29, 2026.

To provide flexibility for refinancing the AMTN, it has put in place a $400m bridge facility.

The refinancing received strong backing from Downer's relationship financiers and was jointly arranged by Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Hong Kong and Shanghai Banking Corporation, and Sumitomo Mitsui Banking Corporation.