DBP refinances $480m bank facility

The owners of the Dampier to Bunbury pipeline has refinanced its $480 million stage 5A bank facility which was due to mature in October this year.

The announcement is below:

Dampier Bunbury Pipeline (DBP) is pleased to announce that it has entered into bank commitment letters to refinance its $480 million Stage 5A bank facility which matures in October 2009.

The refinanced facility was oversubscribed with approximately 45% of final allocated commitments in 5 year funding and the balance in 3 year funding.

Documentation and financial close of the refinanced facility is expected to be completed during May 2009.

The eight (8) members of the bank syndicate are: Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BBVA, Calyon, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank and Westpac. DBP was advised on the refinancing by AMP Capital Investors and Macquarie Capital Advisers.

DBP's Executive Chairman, Stuart Hohnen, said: "DBP attracted strong support for the refinancing from existing bank relationships as well as new local and overseas banks."

* DBP is the trading name of the DBNGP group of entities.