Funding sources
Diversified funding from international and domestic debt capital and banking markets.
1 The GBP MTN maturing in FY30 is swapped into USD and the USD 300m 144A maturing in FY35 has been retained into USD
Debt investors information
This Debt Investors section provides an overview of APA Group's debt profile, liquidity and debt metrics as at 31 December 2025. All of APA’s debt facilities are structured on a senior unsecured basis with negative pledge provisions and rank pari passu with one another, with the exception of $99 million of secured funding from North Australian Infrastructure Facility (NAIF), the Australian Renewable Energy agency (ARENA) that is non-recourse to the broader APA Group and APA €500m Hybrid Notes launched in Nov-23 and with a first call date in Feb-29.
| APA Infrastructure Limited is APA Group’s borrowing entity which has the following investment grade credit ratings: | ||
|---|---|---|
| 1 | Standard & Poor's Long Term Rating: | BBB (Stable Outlook) unchanged since June 2009 |
| 2 | Moody's Long Term Rating: | Baa2 (Stable Outlook) unchanged since April 2010 |
| Metric | 31-Dec-25 | 30-Jun-25 | 30-Jun-24 | 30-Jun-23 |
|---|---|---|---|---|
| Funds From Operations to Interest Coverage* | 2.9x | 2.9x | 3.2x | 3.3x |
| Funds From Operations to Debt* | 10.4% | 10.4% | 10.1% | 10.9% |
| Average interest rate applying to drawn debt | 5.3% | 5.1% | 4.8% | 4.4% |
| Interest rate exposure fixed or hedged | 100% | 100% | 100% | 100% |
| Average maturity of drawn senior facilities | 6.3yrs | 6.6yrs | 5.3yrs | 5.7yrs |
*Funds from Operations (FFO) / Net Debt and FFO/Interest calculated in line with S&P methodology. Historical ratios have been revised reflecting S&P's revisions to the historical calculations. Net debt includes full value of hybrid capital securities ($828m) with 50% removed for FFO / Net Debt calculation
Debt maturity profile as at 31 December 2025
2 Hybrid security which has a 60-year maturity. However, for the purposes of this chart we show it as maturing at the first call date in 2029.
3 GBP MTN in FY30 is swapped into USD and translated at the spot USDAUD FX rate as at 31 December 2025.
4 USD 300m 144a in FY35 has been translated at the spot USDAUD FX rate as at 31 December 2025.
Debt capital market issuance as at 31 December 2025
| Issuance | Issuance Date |
Maturity Date |
Annual Coupon in Issuance Currency |
Amount Outstanding in Issuance Currency |
Hedged Amount |
Exposure in AUD |
Annual Interest payable in AUD |
|---|---|---|---|---|---|---|---|
| Syndicated Term Loan | 06-Jun-22 | 20-Jul-31 | 5.07% | A$500m | n.a. | A$500m | 5.07% |
| Syndicated Term Loan | 06-Jun-22 | 20-Jul-31 | 5.18% | A$500m | n.a. | A$500m | 5.18% |
| Syndicated Term Loan | 03-Nov-23 | 31-Jul-32 | 6.45% | A$750m | n.a. | A$750m | 6.45% |
| Syndicated Term Loan | 03-Nov-23 | 31-Oct-33 | 7.18% | A$500m | n.a. | A$500m | 7.18% |
| Bilateral Term Loan | 21-Mar-25 | 21-Mar-35 | 5.75% | A$300m | n.a. | A$300m | 5.75% |
| GBP MTN | 20-Mar-15 | 22-Mar-30 | 3.50% | £600m | US$886m | A$1,328m | n.a. |
| GBP MTN | 18-Mar-19 | 18-Jul-31 | 3.13% | £400m | A$742m | A$742m | 4.54% |
| GBP MTN | 15-Mar-21 | 15-Mar-36 | 2.50% | £250m | A$452m | A$452m | 4.24% |
| EUR MTN | 20-Mar-15 | 22-Mar-27 | 2.00% | €650m | A$1,038m | A$1,038m | 4.51% |
| EUR MTN (Hybrid) | 09-Nov-23 | 09-Feb-29 | 7.13% | €500m | A$828m | A$828m | 9.30% |
| EUR MTN | 15-Mar-21 | 15-Mar-29 | 0.75% | €600m | A$928m | A$928m | 2.95% |
| EUR MTN | 30-Apr-20 | 15-Jul-30 | 2.00% | €600m | A$1,018m | A$1,018m | 3.87% |
| EUR MTN | 15-Mar-21 | 15-Mar-33 | 1.25% | €500m | A$774m | A$774m | 3.78% |
| JPY MTN | 13-Jun-19 | 13-Jun-34 | 1.03% | ¥10,000m | A$133m | A$133m | 4.23% |
| US 144A | 23-Mar-17 | 15-Jul-27 | 4.25% | US$447 | A$583m | A$583m | 5.29% |
| US 144A | 16-Sep-24 | 16-Sep-34 | 5.13% | US$750m | A$1,127m | A$1,127m | 6.22% |
| US 144A | 23-Mar-15 | 23-Mar-35 | 5.00% | US$300m | n.a. | A$450m | n.a. |
| US 144A | 16-Sep-24 | 16-Sep-44 | 5.75% | US$500m | A$752m | A$752m | 7.02% |
| NAIF debt | 22-Nov-19 | 23-Nov-41 | 2.25% | A$70m | n.a. | A$70m | 2.25% |
| ARENA debt | 17-Oct-19 | 23-Nov-46 | 0.00% | A$24m | n.a. | A$24m | 0.00% |
| TOTAL | A$12,796m |
Group Structure
- APA Group is listed as a stapled structure on the Australian Securities Exchange (ASX:APA)
- APA is comprised of two registered managed investment schemes:
– APA Infrastructure Trust (ARSN 091 678 778)
– APA Investment Trust (ARSN 115 585 441) is a pass-through trust - APA Group Limited (ACN 091 344 704) is the responsible entity of APA Infra and APA Invest
- The units of APA Infra and APA Invest are stapled and must trade and otherwise be dealt with together
- APA Infrastructure Limited (ABN 89 009 666 700), a company wholly owned by APA Infra, is APA’s borrowing entity and the owner of the majority of APA’s operating assets and investments