APA Group (ASX: APA) today announces it has successfully completed the amendment and extension of $1.75 billion of its existing syndicated loans. Prior to the amendment and extension, the syndicated loan maturities were $500 million in May 2027, $500 million in May 2029, and $750 million in October 2030, together $1.75 billion, and have been extended to new maturities of $1.0 billion in July 2031 and $750 million in July 2032. No incremental new debt has been issued as part of this transaction.

The pricing on the new extended loans is on average marginally lower than the existing loans over the life of those loans. The existing fixed rate interest rate hedges remain in place and the all-in cost of debt has been fixed for the incremental extended term of the debt. The average cost of debt across APA’s entire debt portfolio will not materially change, last reported as 5.1% in the FY25 Half Year Results.

APA Chief Financial Officer Garrick Rollason said:

“We are delighted to have completed the amendment and extension of our syndicated loans, which proactively addresses our future debt maturities, at attractive pricing levels. This continues our strong focus on capital management.

“We are well placed to manage our refinancing requirements, with our next debt maturity not until March 2027.”