Asset & debt overview
All debt information provided is as at 31 December 2023, 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.
1. Percentages represent Transurban’s ownership interest as at December 31, 2023.
Corporate Debt
Bank Debt
Working Capital Facilities1
| Facility | Facility Limit | Drawn Amount | Maturity |
|---|---|---|---|
| Facility 1 | A$825M | - | Nov-2024 |
| Facility 2 | A$825M | - | Apr-2027 |
| Facility 3 | A$1,000M | - | Jun-2028 |
Letters of Credit
| Facility | Facility Limit | Issued Amount | Maturity |
|---|---|---|---|
| Facility 1 | US$49M | US$49M | Jun-2024 |
| Facility 2 | US$150M | US$111M | Dec-2024 |
| Facility 3 | A$40M | A$24M | Sep-2025 |
| Facility 4 | A$50M | A$15M | Sep-2025 |
| Facility 5 | A$60M | A$4M | Sep-2025 |
| Facility 6 | A$6M | A$5M | Dec-2025 |
| Facility 7 | US$75M | US$75M | Jun-2026 |
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
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 | CAD$650M | 4.56% | Nov-2028 | CA89400PAJ27 |
| Euro Bond 4 | €600M | 1.45% | May-2029 | XS1997077364 |
| Euro Bond 5 | €350M | 1.70% | Jul-2034 | XS2021470898 |
| Euro Bond 6 | €750M | 3.00% | Apr-2030 | XS2152883406 |
| Euro Bond 7 | €650M | 4.23% | Apr-2033 | XS2614623978 |
144A
| Issuance | Amount | Coupon | Maturity | Bloomberg Reference |
|---|---|---|---|---|
| 144A | US$550M | 4.13% | Feb-2026 | USQ919AUAG78 |
| 144A | US$550M | 3.38% | Mar-2027 | USD89400PAG81 |
| 144A | US$900M | 2.45% | Mar-2031 | USD89400PAK93 |
Asset Debt
CityLink
Asset Overview
| Network | Melbourne, Victoria |
|---|---|
| Transurban Ownership Interest | 100.0% |
| 1H24 Toll Revenue | A$475M |
| 1H24 EBITDA1 | A$403M |
| % of Proportional 1H24 Group Toll Revenue | 27.1% |
| 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, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
Hills M2
Asset Overview
| Network | Sydney, New South Wales |
|---|---|
| Transurban Ownership Interest | 100.0% |
| 1H24 Toll Revenue | A$188M |
| 1H24 EBITDA1 | A$159M |
| % of Proportional 1H24 Group Toll Revenue | 10.7% |
| Credit Rating / Outlook2 | Moody's – A2 / Stable |
Institutional Term Loan Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$475M | Apr-2030 |
| Facility 2 | A$340M | Jan-2030 – Apr-2035 |
1. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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% |
| 1H24 Toll Revenue | A$39M |
| 1H24 EBITDA1 | A$25M |
| % of Proportional 1H24 Group Toll Revenue | 2.2% |
| Credit Rating / Outlook | N/A |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$282M | Sep-2024 – Mar-2026 |
1. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
Lane Cove Tunnel
Asset Overview
| Network | Sydney, New South Wales |
|---|---|
| Transurban Ownership Interest | 100.0% |
| 1H24 Toll Revenue | A$52M |
| 1H24 EBITDA1 | A$30M |
| % of Proportional 1H24 Group Toll Revenue | 3.0% |
| 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, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
M1 Eastern Distributor
Asset Overview
| Network | Sydney, New South Wales |
|---|---|
| Transurban Ownership Interest | 75.1% |
| 1H24Toll Revenue1 | A$86M |
| 1H24 EBITDA1,2 | A$67M |
| % of Proportional 1H24 Group Toll Revenue | 3.7% |
| Credit Rating / Outlook | N/A |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$341M | Mar-2024 – Dec-2030 |
1. 100% interest basis.
2. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
NorthWestern Roads Group
Asset Overview
| Network | Sydney, New South Wales |
|---|---|
| Transurban Ownership Interest | 50.0% |
| 1H24 Toll Revenue1 | A$336M |
| 1H24 EBITDA1,2 | A$264M |
| % of Proportional 1H24 Group Toll Revenue | 9.6% |
| Credit Rating / Outlook3 | Moody's – A3 / Stable Fitch – A- / Stable |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$202M | Jun-2027 |
| Facility 2 | A$624M | Feb-2028/Feb-2029 |
Institutional Term Loan Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$405M | Nov-2031/Nov-2032 |
Letters of Credit
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$15M | Feb-2027 |
Debt Capital Markets Summary
| Issuance | Amount | Coupon | Maturity | Bloomberg Reference |
|---|---|---|---|---|
| A$MTN Series 1 | A$100M | BBSW3M + 2.00% | Jul-2026 | AU3FN0031563 |
| A$MTN Series 2 | A$435M | 4.50% | Mar-2027 | AU3CB0243566 |
| A$MTN Series 3 | A$100M | 4.50% | Sep-2027 | AU3CB0243590 |
| A$MTN Series 4 | 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. 100% interest basis
2. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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% |
| 1H24 Toll Revenue | A$173M |
| 1H24 EBITDA1 | A$155M |
| % of Proportional 1H24 Group Toll Revenue | 9.9% |
| Credit Rating / Outlook | N/A |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$27M | Mar-2024 |
| Facility 2 | A$144M | Jun-2024 – Jun-2025 |
1. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
WestConnex
Asset Overview
| Network | Sydney, New South Wales |
|---|---|
| Transurban Ownership Interest | 50% |
| 1H24 Toll Revenue | A$368M |
| 1H24 EBITDA1,2 | A$255M |
| % of Proportional 1H24 Group Toll Revenue | 10.5% |
| Credit Rating / Outlook3 | S&P - BBB+ / Stable |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$1,200M | Dec-2025 |
| Facility 2 | A$800M | Dec-2027 |
| Facility 3 | A$900M | Aug-2026 |
| Facility 4 | A$800M | Aug-2029 |
| Facility 5 | A$300M | May-2028 |
Institutional Term Loan Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | A$725M | Dec-2032 |
Government Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| WCX M5 Government Debt | A$2,764M | Jul-2034 |
Debt Capital Markets Summary
| Issuance | Amount | Coupon | Maturity | Bloomberg Reference |
|---|---|---|---|---|
| A$MTN | A$650M | 3.15% | Mar-2031 | AU3CB0279057 |
| A$MTN | AUD550M | 6.15% | Oct-2030 | AU3CB0303188 |
| USPP 2021 A | US$350M | 2.98% | Sep-2031 | N/A |
| USPP 2021 B | US$350M | 3.08% | Jun-2033 | N/A |
| USPP 2021 C | US$400M | 3.28% | Jun-2036 | N/A |
| USPP 2021 D | A$350M | 4.48% | Jun-2041 | N/A |
| USPP 2023 E | USD369M | 6.49% | Dec-2033 | N/A |
| USPP 2023 F | CAD$200M | 5.89% | Dec-2033 | N/A |
1. 100% interest basis
2. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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 Overview
| Network | Brisbane, Queensland |
|---|---|
| Transurban Ownership Interest | 62.5% |
| 1H24 Toll Revenue | A$460M |
| 1H24 EBITDA1,2 | A$340M |
| % of Proportional 1H24 Group Toll Revenue | 16.4% |
| Credit Rating / Outlook3 | S&P – BBB / Stable |
Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Bank Debt Facility 1 | A$35M | Apr-2025 |
| Bank Debt Facility 2 | A$118M | Apr-2025 |
| Private Placement | A$200M | Apr-2030 |
Institutional Term Loan Summary
| Facility Limit | Maturity | |
|---|---|---|
| ITL Facility 1 | A$500M | Jun-2033/Jun-2035 |
| ITL Facility 2 | A$220M | Oct-2033/Oct-2035 |
Debt Capital Markets Summary
| Amount | Coupon | Maturity | Bloomberg Reference | |
|---|---|---|---|---|
| A$MTN 1 | A$200M | BBSW3M + 2.05% | Dec-2024 | AU3FN0025987 |
| A$MTN 2 | A$250M | 6.35% | May-2030 | AU3CB0303964 |
| A$MTN 3 | A$300M | 3.25% | Aug-2031 | AU3CB0279958 |
| 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. 100% interest basis
2. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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 Overview
| Network | Greater Washington Area |
|---|---|
| Transurban Ownership Interest | 50.0% |
| 1H24 Toll Revenue1,2 | A$68M |
| 1H24 EBITDA1,2,3 | A$43M |
| % of Proportional 1H24 Group Toll Revenue | 1.9% |
| Credit Rating / Outlook4 | Moody’s – Baa1 / Stable Kroll – BBB+ / Stable |
Debt Capital Markets Summary
| Amount | Maturity | |
|---|---|---|
| Private Activity Bond 1 | US$54M | Dec-20425 |
| Private Activity Bond 2 | US$133M | Dec-20475 |
| Private Activity Bond 3 | US$49M | Dec-20525 |
| Private Activity Bond 4 | US$63M | Dec-20575 |
Government Debt Summary
| Amount | Maturity | |
|---|---|---|
| TIFIA 1 | US$841M | Oct-20475 |
| TIFIA 2 | US$212M | Jun-2060 |
| VTIB | US$49M | Jun-2060 |
1. 100% interest basis.
2. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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. Final maturity.
95 Express Lanes
Asset Overview
| Network | Greater Washington Area |
|---|---|
| Transurban Ownership Interest | 50.0% |
| 1H24Toll Revenue1,2 | A$131M |
| 1H24 EBITDA1,2,3 | A$86M |
| % of Proportional 1H24 Group Toll Revenue | 3.8% |
| Credit Rating / Outlook4 | S&P – Senior: BBB / Stable S&P – TIFIA: BBB / Stable Fitch – Senior: BBB / Stable Fitch – TIFIA: BBB / Stable |
Debt Capital Markets Summary
| Amount | Maturity | |
|---|---|---|
| Private Activity Bond 1 | US$177M | Jan-20485 |
| Private Activity Bond 2 | US$204M | Jan-20405 |
| Private Activity Bond 3 | US$196M | Jan-20405 |
| Private Activity Bond 4 | US$62M | Jan-20425 |
Government Debt Summary
| Amount | Maturity | |
|---|---|---|
| TIFIA | US$321M | Jul-20475 |
| VTIB | US$46M | Dec-2047 |
1. 100% interest basis.
2. Income and expenses are translated at average exchange rates.
3. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
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 | 50.0% |
| 1H24 Toll Revenue1,2 | A$44M |
| 1H24 EBITDA1,2,3 | A$39M |
| % of Proportional 1H24 Group Toll Revenue | 1.3% |
| Credit Rating / Outlook | N/A |
Bank Debt Summary
| Facility Limit | Maturity | |
|---|---|---|
| Facility 1 | CAD$350M | Jan-20274 |
Letters of Credit
| Facility Limit | Issued Amount | Maturity | |
|---|---|---|---|
| Facility 1 | CAD$15M | CAD$12M | Jan-2027 |
1. 100% interest basis.
2. Income and expenses are translated at average exchange rates.
3. Underlying EBITDA, however note that for 1H24 there were no transaction and integration costs hence there is no difference between underlying EBITDA and EBITDA.
4. Final maturity.
