This Debt Investors section provides an overview of APA Group's debt profile, liquidity and debt metrics as at 31 December 2023, 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

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

Key metrics

Metric 31-Dec-23 30-Jun-23 30-Jun-22 30-Jun-21 30-Jun-20
Funds From Operations to Interest Coverage* 3.3x 3.3x 3.6x 3.1x 3.2x
Funds From Operations to Debt* 9.9% 10.6% 11.1% 11.0% 12.1%
Average interest rate applying to drawn debt 4.6% 4.4% 4.4% 5.1% 5.4%
Interest rate exposure fixed or hedged 100% 100% 100% 100% 100%
Average maturity of drawn senior facilities 5.7 yrs 5.7 yrs 6.7 yrs 7.8 yrs 6.4 yrs

* APA calculations

Funding sources

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

Term Funding   31-Dec-23
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Corporate Liquidity Facilities2 A$1,600m
   
Cash at Bank A$1,338m
   
   
Available Liquidity A$2,938m

1. The March 2015 US 144A Notes (maturing in 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.

2. APA has existing committed undrawn bank liquidity facilities of A$1,600 million.

Debt maturity profile as at 31 December 2023

debt profile2.png                  

3. USD denominated obligations translated to AUD spot rate on 31 December 2023 at 0.6813.

4. March 2027 EUR650m MTN was fixed in AUD in February 2024 @ 0.6585. This maturity is now A$1,038m.

Debt capital market issuance at 31 December 2023

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
SFA 2022 6-Jun-22 20-May-27 4.90% A$500m - A$500m 4.90%
SFA 2022 6-Jun-22 20-May-29 5.20% A$500m - A$500m 5.20%
SFA 2023 3-Nov-23 31-Oct-30 6.75% A$750m - A$750m 6.75%
SFA 2023 3-Nov-23 31-Oct-33 7.18% A$500m - A$500m 7.18%
GBP MTN 26-Nov-12 26-Nov-24 4.25% £350m A$536m A$536m 7.36%
GBP MTN⁵ 20-Mar-15 22-Mar-30 3.50% £600m US$886m A$1,301m -
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 (Hybrid) 9-Nov-23 9-Feb-29 7.13% €500m A$828m A$828m 9.30%
EUR MTN ⁵˒⁶ 20-Mar-15 22-Mar-27 2.00% €650m US$683m A$1,003m -
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-29 0.75% €600m A$928m A$928m 2.95%
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 Notes 23-Mar-15 23-Mar-25 4.20% US$1,100m A$1,544m A$1,544m 4.14%
US 144A Notes 23-Mar-17 15-Jul-27 4.25% US$850m A$1,109m A$1,109m 5.29%
US 144A Notes⁵ 23-Mar-15 23-Mar-35 5.00% US$300m - A$440m -
NAIF debt 22-Nov-19 16-Dec-41 2.25% A$80m - A$80m 2.25%
ARENA debt 17-Oct-19 1-Dec-46 0.00% A$24m - A$24m 0.00%
TOTAL           A$13,161m  

5. 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 2035), EUR MTN (maturing in 2027) and GBP MTN (maturing in 2030) were retained or swapped into US dollar denominated debt obligations at issuance. These have been translated to AUD spot rate on 31 December 2023 at 0.6813.

6. March 2027 EUR650m MTN was fixed in AUD in February 2024 @ 0.6585. This maturity is now A$1,038m.

Group Structure

group structure 2.PNG

• 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

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, cautions that this website may not be complete, adequate or up-to-date and does not guarantee the performance of the APA Group,.  Past performance information should not be relied upon as (and is not) an indication of future performance.

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 U.S. Securities Act) absent registration under the U.S. Securities Act or in accordance with an applicable exemption from the registration requirements and any applicable U.S. state securities laws.

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.  A credit rating is not a recommendation to buy, sell, or hold securities; it may be subject to revision or withdrawal at any time by the assigning credit rating agency; each credit rating is applicable only to the specific class of securities to which it applies; and persons should perform their own evaluation as to whether an investment in any security is appropriate.

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

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