Asset & debt overview

All debt information provided is as at 30 June 2021, on a 100% interest basis and reflects facility limits unless stated otherwise.

Corporate Debt Structure

Transurban Finance Company was established in 2002 as a special purpose financing vehicle to raise funds on behalf of the Transurban Group. The Transurban Group raises corporate debt on a senior secured basis.

Corporate debt is secured by a first ranking charge over the assets of the corporate security providers, which includes security over CityLink and the Transurban Group’s share of distributions generated by its other assets.

All assets of the Transurban Group other than CityLink are funded by non-recourse project finance debt facilities, secured by the assets and cash flows of the relevant road project. Providers of finance under these non-recourse debt facilities have no recourse to the security that has been granted to corporate debt providers.

Corporate Debt

1. Percentages represent our ownership interest as at 30 June 2021.
2. During the period, the Group divested a 50% interest in Transurban Chesapeake, of which this entity is part of.

Corporate Debt

Bank Debt

Working Capital Facilities1

Facility Facility Limit Drawn Amount Maturity
Facility 1 A$825M -
Nov-2022
Facility 2 A$825M - Nov-2024
Facility 3 A$1,000M - Nov-2023

Letters of Credit

Facility Facility Limit Issued Amount Maturity
Facility 1 A$55M A$43M Nov-2022
Facility 2 A$75M A$36M Dec-2022
Facility 3 A$75M A$58M Dec-2022
Facility 4 US$150M US$88M Apr-2022
Facility 5 A$4M A$4M Dec-2022
Facility 6 A$118M A$118M Dec-2021
Facility 7 A$6M A$5M Dec-2022

1. Corporate Working Capital facilities are syndicated facilities and can be drawn in AUD and USD. Includes $2,650m of syndicated facilities.

Debt Capital Markets

U.S. Private Placement

Issuance Amount Coupon Maturity Bloomberg Reference
2006 C US$162M 6.10% Nov-2021 BBG0000JCMK3
2006 D US$67M 6.21% Nov-2026 BBG0000GXX40

EMTN

Issuance Amount Coupon Maturity Bloomberg Reference
Euro Bond 1 €600M 1.88% Sep-2024 XS1109744778
Euro Bond 2 €500M 2.00% Aug-2025 XS1239502328
NOK Bond NOK750M 3.00% Jul-2027 XS1449824108
Euro Bond 3 €500M 1.75% Mar-2028 XS1681520786
Maple Bond 1 CAD$650M 4.56% Nov-2028 CA89400PAJ27
Euro Bond 4 €600M 1.45% Mar-2029 XS1997077364
Euro Bond 5 €350M 1.70% Jul-2034 XS2021470898
Euro Bond 6 €750M 3.00% Apr-2030 XS2152883406

144A

Issuance Amount Coupon Maturity Bloomberg Reference
144A US$500M 4.13% Feb-2026 USQ9194UAG78
144A US$50M 4.13% Feb-2026 US89400PAG81
144A US$550M 3.38% Mar-2027 US89400PAG81
144A US$900M 2.45% Mar-2031 US89400PAK93

Asset Debt

CityLink

Asset Overview

Network Melbourne, Victoria
Transurban Ownership Interest 100.0%
FY21 Toll Revenue A$616M
FY21 EBITDA1 A$502M
% of Proportional FY21 Group Toll Revenue 24.8%
Credit Rating / Outlook N/A

Debt Summary

Not applicable as CityLink is not funded by non-recourse project finance debt facilities. Refer to the Corporate Debt Structure above for further details.

1. Underlying EBITDA, excluding significant items.

Hills M2

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY21 Toll Revenue A$310M
FY21 EBITDA1 A$260M
% of Proportional FY21 Group Toll Revenue 12.5%
Credit Rating / Outlook2 Moody's – A2 / Stable

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$475M Apr-2030
Facility 2 A$340M Apr-2035

1. Underlying EBITDA, excluding significant items.
2. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Cross City Tunnel

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY21 Toll Revenue A$69M
FY21 EBITDA1 A$45M
% of Proportional FY21 Group Toll Revenue 2.8%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$282M Mar-2026

1. Underlying EBITDA, excluding significant items.

Lane Cove Tunnel

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY21 Toll Revenue A$92M
FY21 EBITDA1 A$55M
% of Proportional FY21 Group Toll Revenue 3.7%
Credit Rating / Outlook N/A

Debt Summary

  Facility Limit Maturity
Bank Debt Facility 1 A$326M Oct-2024
Bank Debt Facility 2 A$60M May-2025
Private Placement 1 A$160M May-2028
Private Placement 2 A$40M May-2028
Private Placement 3 A$40M May-2031

1. Underlying EBITDA, excluding significant items.

M1 Eastern Distributor

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 75.1%
FY21 Toll Revenue A$139M
FY21 EBITDA2 A$103M
% of Proportional FY21Group Toll Revenue 4.2%
Credit Rating / Outlook3 Moody’s – A2 / Stable
Fitch – A- / Negative

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$166M Sep 2021 - Mar 2022
Facility 2 A$290M Sep 2021 - Jan 2024

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Underlying EBITDA, excluding significant items.
3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Westlink M7

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 50.0%
FY21 Toll Revenue A$430M
FY21 EBITDA2 A$362M
% of Proportional FY21 Group Toll Revenue 8.7%
Credit Rating / Outlook3 Moody's – A3 / Stable
Fitch – A- / Stable

Debt Capital Markets Summary

Issuance Amount Coupon Maturity Bloomberg Reference
A$MTN Series 1 A$400M 3.50% Jul-2023 AU3CB0238475
A$MTN Series 2 A$100M BBSW3M + 2.00% Jul-2026 AU3FN0031563
A$MTN Series 3 A$435M 4.50% Mar-2027 AU3CB0243566
A$MTN Series 4 A$100M 4.50% Sep-2027 AU3CB0243590
A$MTN Series 5 A$155M 2.70% Jun-2030 AU3CB0272920
USPP 2017 A A$100M 4.47% Aug-2029 N/A
USPP 2017 B A$100M 4.65% Aug-2032 N/A
USPP 2018 C A$345M 4.46% Dec-2030 N/A
USPP 2018 D A$195M 4.65% Dec-2033 N/A
USPP 2018 E A$75M 4.80% Dec-2038 N/A

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Underlying EBITDA, excluding significant items.
3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

M5 Motorway

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100%
FY21 Toll Revenue A$300M
FY21 EBITDA1 A$257M
% of Proportional FY21 Group Toll Revenue 12.1%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$137M Sep-2021 to Dec-2022
Facility 2 A$275M Mar-2023 to Jun-2025
Facility 3 A$2M Jul-2022

1. Underlying EBITDA, excluding significant items.

WestConnex

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 25.5%
FY21 Toll Revenue A$533M
FY21 EBITDA2 A$394M
% of Proportional FY21 Group Toll Revenue 5.5%
Credit Rating / Outlook3 S&P - BBB+ / Stable

Bank Debt Summary

  Facility Limit Maturity
WCX Group Facility 1 A$1,000M Dec-2023
WCX Group Facility 2 A$1,200M Dec-2025
WCX Group Facility 3 A$800M Dec-2027
M8 / M5 East Facility 1 A$1,499M Nov-2022
M4-M5 Facility 1 A$600M Sep-2025

Government Debt Summary

  Facility Limit Maturity
WCX M5 Government Debt A$2,784M Jul-2034

Debt Capital Markets Summary

  Facility Limit Coupon
A$MTN Series 1 A$650M 3.15%
USPP 2021 A US$350M 2.98%
USPP 2021 B US$350M 3.08%
USPP 2021 C US$400M 3.28%
USPP 2021 D A$350M 4.48%

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Underlying EBITDA, excluding significant items.
3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Transurban Queensland

Asset Overview1

Network Brisbane, Queensland
Transurban Ownership Interest 62.5%
FY21 Toll Revenue A$679M
FY21 EBITDA2 A$504M
% of Proportional FY21 Group Toll Revenue 17.1%
Credit Rating / Outlook3 S&P – BBB / Stable

Debt Summary

  Facility Limit Maturity
Bank Debt Facility 1
A$25M Aug-2022
Bank Debt Facility 2
A$185M Aug-2022
Private Placement
A$200M Apr-2030

Debt Capital Markets Summary

  Amount Coupon Maturity Bloomberg Reference
A$MTN 1 A$250M 4.90% Dec-2021 AU3CB0225910
A$MTN 2 A$200M BBSW3M + 2.05% Dec-2024 AU3FN0025987
A$MTN 3 A$200M 3.75% Oct-2023 AU3CB0239929
A$MTN 4 A$300M 3.25% Aug-2031 AU3CB0279958
CHF Bond A4 CHF200M 0.64% Jun-2023 CH0327226863
CHF Bond B4 CHF175M 0.65% Nov-2026 CH0340912168
CHF Bond C4 CHF200M 1.00% Dec-2025 CH0409606362
CHF Bond D4 CHF190M 0.88% Nov-2031 CH1108704839
USPP 2015 A US$155M 4.16% Sep-2025 N/A
USPP 2015 B US$230M 4.26% Sep-2027 N/A
USPP 2015 C US$256M 4.41% Sep-2030 N/A
USPP 2015 D A$70M 5.78% Sep-2030 N/A
USPP 2016 E US$130M 3.45% Dec-2026 N/A
USPP 2016 F US$225M 3.55% Dec-2028 N/A
USPP 2016 G US$78M 3.70% Dec-2031 N/A
USPP 2016 H A$35M 4.64% Dec-2026 N/A
USPP 2016 I A$75M 5.00% Dec-2031 N/A
USPP 2016 J A$100M 5.17% Jan-2035 N/A
USPP 2019 K US$144M 3.96% May-2029 N/A
USPP 2019 L US$245M 4.06% May-2031 N/A
USPP 2019 M US$180M 4.16% May-2034 N/A
USPP 2019 N A$30M 3.94% May-2029 N/A
USPP 2019 O A$40M BBSW3M + 2.15% May-2034 N/A
Regulation S US$500M 4.50% Apr-2028 XS1808838434

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Underlying EBITDA, excluding significant items.
3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
4. Transurban Queensland Group's disclosures and financial statements can be accessed here.

495 Express Lanes

Asset Overview1

Network Greater Washington Area
Transurban Ownership Interest 50.0%
FY21 Toll Revenue2 A$42M
FY21 EBITDA2,3 A$3M
% of Proportional FY21 Group Toll Revenue 1.4%
Credit Rating / Outlook N/A

Debt Capital Markets Summary

  Amount Maturity
Private Activity Bond US$225M Jun-20384

Government Debt Summary

  Amount Maturity
TIFIA US$824M Oct-20474

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Income and expenses are translated at average exchange rates.
3. Underlying EBITDA, excluding significant items.
4. Final maturity.

95 Express Lanes

Asset Overview1

Network Greater Washington Area
Transurban Ownership Interest 50.0%
FY21 Toll Revenue2 A$85M
FY21 EBITDA2,3 A$27M
% of Proportional FY21 Group Toll Revenue 2.7%
Credit Rating / Outlook4 S&P – Senior: BBB- / Negative
S&P – TIFIA: BBB- / Negative
Fitch – Senior: BBB / Stable
Fitch – TIFIA: BBB / Stable

Debt Capital Markets Summary

  Amount Maturity
Private Activity Bond 1 US$72M Jul-20345
Private Activity Bond 2 US$170M Jan-20405
Private Activity Bond 3 US$107M Jul-20345
Private Activity Bond 4 US$126M Jan-20405
Private Activity Bond 5 US$79M Jan-20445
Private Activity Bond 6 US$183M Jul-20495

Government Debt Summary

  Amount Maturity
TIFIA US$323M Jul-20475
VTIB US$46M Dec-2047

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Income and expenses are translated at average exchange rates.
3. Underlying EBITDA, excluding significant items.
4. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
5. Final maturity.

A25

Asset Overview

Network North America Area
Transurban Ownership Interest 100.0%
FY21 Toll Revenue1 A$66M
FY21 EBITDA1,2 A$57M
% of Proportional FY21 Group Toll Revenue 2.7%
Credit Rating / Outlook N/A

Bank Debt

  Facility Limit Maturity
Facility 1 CAD$359M Sep 2021 – Feb 2023

Debt Capital Markets Summary

Issuance Amount Coupon Maturity Bloomberg
Reference
Facility 1 CAD$200M 4.22% Feb-2023 BBG00MZ878G3

Letters of Credit

  Facility Limit Issued Amount Maturity
Facility 1 CAD$12M CAD$12M Feb-2023

1. Income and expenses are translated at average exchange rates.
2. Underlying EBITDA, excluding significant items.