Origin secures $7.4bn bank loan
PERTH (miningweekly.com) – ASX-listed integrated energy company Origin Energy has signed a $7.4-billion bank loan facility with a syndicate of domestic and international banks to refinance all its existing bank debt and to establish the company’s funding position post the Australia Pacific liquefied natural gas (APLNG) project.
The company said on Thursday that its standard banking terms, which date back to 2004, have been replaced with new terms that reflected the current scope and size of the business, and provided financial flexibility for the long-term and for further extending the company’s debt maturity profile.
Origin was currently developing the $24.7-billion APLNG project. First LNG cargo from the nine-million-tonne-a-year project was expected by mid-2015, with the second train expected to be completed during the fourth quarter of 2015.
Meanwhile, Origin on Thursday also reported that its statutory profit for the full year ending June had decreased by some 61% on the previous financial year, to $378-million.
The company said that the primary factors contributing to the decrease included a loss on the movement in the fair value of financial instruments, increased expenditure on retail transformation and transition costs relating to the acquired New South Wales energy assets, as well as a lower contribution from the energy market business.
Underlying profit for the full year was also down 15% to $760-million.
Chairperson Kevin McCann said that the delivery of the APLNG project remained a key focus for the company, with the project being some 45% complete at the end of the financial year.
“Origin’s investment in APLNG stands to deliver as step change in earnings and cash flow to support the company’s future growth,” he said.
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