This Debt Investor section provides an overview of APA Group's debt profile, liquidity and debt metrics as at 30 June 2021, in line with APA's current reporting period. All of APA’s debt facilities are structured on a senior unsecured basis with negative pledge provisions and rank pari passu with one another.

Credit ratings

APT Pipelines 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

Key metrics

Metric 30-Jun-21 30-Jun-20 30-Jun-19 30-Jun-18
Funds From Operations to Interest Coverage* 3.06x 3.2x 3.0x 3.0x
Funds From Operations to Debt* 11.0% 12.0% 10.7% 10.7%
Average interest rate applying to drawn debt 5.1% 5.4% 5.5% 5.7%
Interest rate exposure fixed or hedged 100% 100% 100% 98%
Average maturity of drawn senior facilities 7.8 yrs 6.4 yrs 6.8 yrs 6.9 yrs

* APA calculations

Funding sources

Diversified funding from international and domestic debt capital and banking markets.

Facilities   30-Jun-21

Total Facilities1 A$10,937m
Drawn Debt Facilities A$9,687m
Drawn Bank Facilities A$0m
Undrawn Bank Facilities A$1,250m
Cash at Bank A$651m
Available Liquidity A$1,901m

1. The March 2015 US 144A Notes (maturing in 2025 and 2035), EUR MTN (maturing in 2027) & GBP MTN (maturing in 2030) were retained or swapped into US dollar denominated debt obligations at issuance. Please refer to the Debt capital market issuance table below for more information.

Debt maturity profile as at 30 June 2021


2. USD denominated obligations translated to AUD at the prevailing rate at inception (USD144A - AUD/USD=0.7879, EUR MTN and GBP MTN AUD/USD=0.7772).

Debt capital market issuance


Issuance Date

Maturity Date

Annual Coupon in Issuance Currency

Amount Issued in Original Currency

Hedged Amount

Exposure in AUD


Annual Interest Payable in AUD
AUD MTN 20-Oct-16 20-Oct-23 3.75% A$200m - A$200m 3.75%
GBP MTN 26-Nov-12 26-Nov-24 4.25% £350m A$536m A$536m 7.36%
GBP MTN3 20-Mar-15 22-Mar-30 3.50% £600m US$886m A$1,140m -
GBP MTN 18-Mar-19 18-Jul-31 3.13% £400m A$742m A$742m 4.54%
GBP MTN 15-Mar-21 18-Mar-36 2.50% £250m A$452m A$452m 4.24%
EUR MTN3 20-Mar-15 22-Mar-27 2.00% €650m US$683m A$879m -
EUR MTN 30-Apr-20 15-Jul-30 2.00% €600m A$1,018m A$1,018m 3.87%
EUR MTN 15-Mar-21 18-Mar-29 0.75% €600m A$928m A$928m 2.95%
EUR MTN 15-Mar-21 18-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 Notes3 23-Mar-15 23-Mar-25 4.20% US$1,100m - A$1,396m -
US 144A Notes 23-Mar-17 15-Jul-27 4.25% US$850m A$1,109m A$1,109m 5.29%
US 144A Notes3 23-Mar-15 23-Mar-35 5.00% US$300m - A$381m -
TOTAL           A$9,687m

3. The majority of the revenues to be received over 20 years from the foundation contracts on the Wallumbilla Gladstone Pipeline will be received in US dollars. The March 2015 US 144A Notes (maturing in 2025 and 2035), EUR MTN (maturing in 2027) & GBP MTN (maturing in 2030) were retained in or swapped into US dollar denominated debt obligations at issuance. These have been translated to Australian dollars at the prevailing rate at inception (US 144A Notes at AUD/USD=0.7879, EUR MTN and GBP MTN at AUD/USD=0.7772) and are being managed as a 'designated hedge' with the highly probable Wallumbilla Gladstone Pipeline US dollar revenues.

Committed bank facilities

Facility Facility Limit Drawn Headroom Maturity
Bilateral 1 A$50m - A$50m 16-May-22
Bilateral 2 A$100m - A$100m 18-Jul-22
Bilateral 3 A$50m - A$50m 18-Jul-22
Syndicated Facility 1 A$500m - A$500m 30-Jun-23
Syndicated Facility 2 A$500m - A$500m 31-Dec-23
Bilateral 4 A$50m - A$50m 19-Dec-25
TOTAL A$1,250m A$0m A$1,250m  

Group structure


•  APA Group is listed as a stapled structure on the Australian Securities Exchange (ASX:APA)
•  APA is a stapled structure comprising two registered managed investment schemes:
      –Australian Pipeline Trust (ARSN 091 678 778)
      –APT Investment Trust (ARSN 115 585 441) is a pass-through trust
•  Australian Pipeline Limited (ACN 091 344 704) is the responsible entity of APT and APTIT
•  The units of APT and APTIT are stapled and must trade and otherwise be dealt with together
•  APT Pipelines Limited (ABN 89 009 666 700), a company wholly owned by APT, is APA’s borrowing entity and the owner of the majority of APA’s operating assets and investments

Terms of Use

The information and materials contained in or referred to in the materials on, and accessed through, this web page (together, the “website”) in relation to APA Group and its funding programs and debt instruments is provided for information and as a matter of record only and is for distribution only to persons entitled to access this website under all applicable laws, regulations and directives in all applicable jurisdictions. The website is not addressed to any person in a jurisdiction where access to it or any use of it would result in a contravention by APA Group or any other person or entity of the laws of that jurisdiction.

Nothing on this website should be construed as an offer to sell, an invitation to offer to buy or an inducement or recommendation to buy or sell any APA Group securities.  This website is for information purposes only and is not financial product or investment advice or other advice, and should not be relied on in connection with any investment decision or for any other purpose, and will not form part of any contract with APA Group.

APA Group does not warrant the fairness, accuracy, adequacy or completeness of this website. Information and materials on this website are provided on an "as is" basis, and APA Group expressly disclaims any obligation to update any of it, and cautions that this website may not be complete, adequate or up-to-date.

To the maximum extent permitted by law, APA Group and its directors, employees, agents and consultants disclaim all liability for any loss or damage arising from the use of, or reliance on, this website whether or not caused by any negligent act or omission.  If any law prohibits the disclaiming of such liability, APA Group limits its liability (to the extent permitted by law) to the resupply of the Information.

The materials and information on this website that refers or relates to securities offerings by APA Group does not constitute an offer to sell or the solicitation of an offer to buy securities as those terms are defined in the U.S. Securities Act of 1933 (the "U.S. Securities Act"). The securities offered in those offerings have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered within the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements.

The credit ratings that appear on this website are provided for use by persons who are not a retail client (as defined for the purposes of the Corporations Act 2001 (Cth)) only and must not be used, and APA Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail clients in Australia.

In these Terms of Use, "APA Group" means each member of the group and each of their respective subsidiaries.

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