New Issue: ElectraNet secures $350 million of U.S. funding to refinance debt

By Lisa Kerner

Charlotte, N.C., April 8 - ElectraNet Pty. Ltd. announced it has secured $350 million of funding in the U.S. private placement market.

ElectraNet said the term of the issue is split evenly between four years and six years and it expects to draw down on the issue in August.

Proceeds will be used to refinance existing debt facilities and to provide funding for the company's 2010 to 2011 capital works program, an ElectraNet news release said.

This is the first time the company has sought funding in the U.S. market.

"ElectraNet will benefit enormously from this major funding deal as it establishes a stable funding source that the company can utilize to meet its future capital expenditure needs," chief executive officer Ian Stirling said in the release.

National Australia Bank and JPMorgan will assist with the refinancing process.

ElectraNet, based in Adelaide, South Australia, owns and manages the South Australian transmission system in the National Electricity Market.

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