Asset & debt overview

All debt information provided is as at 30 June 2019, 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 Debit flowchart

1. Percentages represent our ownership interest as at 30 June 2019.
2. Transurban acquired two additional equity interests in the M5 of 8.24% and 7.14% taking its total equity ownership to 65.38%. Financial close on the additional interests was reached on 18 September 2018 and 3 December 2018 respectively.

Corporate Debt

Bank Debt

Working Capital Facilities1

Facility Facility Limit Drawn Amount Maturity
Facility 1 A$360M -
Jul-2020
Facility 2 A$375M - Jul-2021
Facility 3 A$365M -
Jul-2022
Facility 4 A$550M - Dec-2022

Letters of Credit2

Facility Facility Limit Issued Amount Maturity
Facility 1 A$75M A$64M Nov-2019
Facility 2 A$75M A$41M Jul-2020
Facility 3 A$75M A$63M Jul-2020
Facility 4 US$150M US$108M Apr-2022
Facility 5 A$240M A$240M Jan-2020
Facility 6 A$140M A$140M Dec-2023
Facility 7 A$140M A$140M Aug-2019
Facility 8 A$6M A$5M Dec-2019

1. Corporate Working Capital facilities are syndicated facilities and can be drawn in AUD and USD.
2. May not sum due to rounding.

Debt Capital Markets

U.S. Private Placement

Issuance Amount Coupon Maturity Bloomberg Reference
2004 C US$109M 5.62% Dec-2019 BBG0000S3LD3
2004 D A$72M BBSW6M + 0.88% Dec-2019 BBG000034WC4
2005 C US$157M 5.50% Aug-2020 BBG0000S5G42
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 €500M 2.50% Oct-2020 XS0977502110
Euro Bond 2 €600M 1.88% Sep-2024 XS1109744778
Euro Bond 3 €500M 2.00% Aug-2025 XS1239502328
NOK Bond NOK750M 3.00% Jul-2027 XS1449824108
Euro Bond 4 €500M 1.75% Mar-2028 XS1681520786
Maple Bond 1 C$650M 4.56% Nov-2028 CA89400PAJ27
Euro Bond 5 €600M 1.45% May-2029 XS1997077364

144A

Issuance Amount Coupon Maturity Bloomberg Reference
144A US$550M 4.13% Feb-2026 USQ9194UAG78
144A US$550M 3.38% Mar-2027 US89400PAG81

Asset Debt

CityLink

Asset Overview

Network Melbourne, Victoria
Transurban Ownership Interest 100.0%
FY19 Toll Revenue A$813M
FY19 EBITDA A$716M
% of Proportional FY19 Group Toll Revenue 31.5%
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.

Hills M2

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY19 Toll Revenue A$312M
FY19 EBITDA A$262M
% of Proportional FY19 Group Toll Revenue 12.1%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$350M Mar-2020
Facility 2 A$408M Nov-2022

Cross City Tunnel

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY19 Toll Revenue A$69M
FY19 EBITDA A$45M
% of Proportional FY19 Group Toll Revenue 2.7%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$278M Dec-2019

Lane Cove Tunnel

Asset Overview

Network Sydney, New South Wales
Transurban Ownership Interest 100.0%
FY19 Toll Revenue A$102M
FY19 EBITDA A$67M
% of Proportional FY19 Group Toll Revenue 3.9%
Credit Rating / Outlook N/A

Debt Summary

  Facility Limit Maturity
Bank Debt Facility 1 A$160M May-2021
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

M1 Eastern Distributor

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 75.1%
FY19 Toll Revenue A$152M
FY19 EBITDA A$115M
% of Proportional FY19 Group Toll Revenue 4.4%
Credit Rating / Outlook2 Moody’s – A3 / Stable
Fitch – A- / Stable

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$206M Sep 2019 - Mar 2022

Debt Capital Markets Summary

Issuance Amount Coupon Maturity Bloomberg Reference
A$MTN A$300M 5.50% Dec-2020 AU3CB0216711

1. All figures are provided on a 100% interest basis unless stated otherwise.
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.

Westlink M7

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 50.0%
FY19 Toll Revenue A$436M
FY19 EBITDA A$369M
% of Proportional FY19 Group Toll Revenue 8.5%
Credit Rating / Outlook2 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
USPP 2017 A A$100M 4.47% Aug-2029 N/A
USPP 2017 B A$100M 4.65% Aug-2032 N/A
USPP 2018 A A$345M 4.46% Dec-2030 N/A
USPP 2018 B A$195M 4.65% Dec-2033 N/A
USPP 2018 C A$75M 4.80% Dec-2038 N/A

1. All figures are provided on a 100% interest basis unless stated otherwise.
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.

M5 Motorway

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 65.38%
FY19 Toll Revenue A$301M
FY19 EBITDA2 A$271M
% of Proportional FY19 Group Toll Revenue 7.1%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
Facility 1 A$122M Sep-2019 to Dec-2020
Facility 2 A$180M Mar-2021 to Dec-2022
Facility 3 A$275M Mar-2023 to Jun-2025
Facility 4 A$2M Jul-2020

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Underlying EBITDA, includes significant items.

WestConnex

Asset Overview1

Network Sydney, New South Wales
Transurban Ownership Interest 25.5%
FY19 Toll Revenue2 A$158M
FY19 EBITDA3 A$153M
% of Proportional FY19 Group Toll Revenue 1.6%
Credit Rating / Outlook N/A

Bank Debt Summary

  Facility Limit Maturity
WCX M4 Facility 1 A$638M Sep-2021
WCX M4 Facility 2 A$1.4B Sep-2021
WCX M4 Facility 3 A$638M Sep-2023
WCX M4 Facility 4 A$1.4B Sep-2023
WCX M5 Facility 1 A$1.5B Sep-2021
WCX M4-M5 Facility 1 A$600M Sep-2025

Government Debt Summary

  Facility Limit Maturity
WCX M5 Government Debt A$2.8B Jul-2034

1. All figures are provided on a 100% interest basis unless stated otherwise.
2. Transurban acquired M4 as part of the WestConnex acquisition on 27 September 2018. Toll revenue data prior to Transurban ownership is not included.
3. Underlying EBITDA, includes significant.

Transurban Queensland

Asset Overview1

Network Brisbane, Queensland
Transurban Ownership Interest 62.5%
FY19 Toll Revenue A$643M
FY19 EBITDA A$470M
% of Proportional FY19 Group Toll Revenue 15.6%
Credit Rating / Outlook2 S&P – BBB / Stable

Debt Summary

  Facility Limit Maturity
Bank Debt Facility 1
A$25M Dec-2019
Bank Debt Facility 2
A$227M Dec-2019
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
CHF Bond A3,4 CHF200M 0.63% Jun-2023 CH0327226863
CHF Bond B3,4 CHF175M 0.65% Nov-2026 CH0340912168
CHF Bond C3,4 CHF200M 1.00% Dec-2025 CH0409606362
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. 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.
3. Financial Statements for Queensland Motorways Holding Pty Limited can be accessed here.
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 100.0%
FY19 Toll Revenue2 A$112M
FY19 EBITDA2 A$68M
% of Proportional FY19 Group Toll Revenue 4.3%
Credit Rating / Outlook N/A

Debt Capital Markets Summary

  Amount Maturity
Private Activity Bond3 US$225M Jun-20384

Government Debt Summary

  Amount Maturity
TIFIA US$784M 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. The US$225 million tranche of the 495 debt will be refinanced in FY21, per the financing structure agreed with the sole holder, J.P Morgan.
4. Final maturity.

95 Express Lanes

Asset Overview1

Network Greater Washington Area
Transurban Ownership Interest 100.0%
FY19 Toll Revenue2 A$148M
FY19 EBITDA2 A$97M
% of Proportional FY19 Group Toll Revenue 5.7%
Credit Rating / Outlook3 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$72M Jul-20344
Private Activity Bond 2 US$170M Jan-20404
Private Activity Bond 3 US$107M Jul-20344
Private Activity Bond 4 US$126M Jan-20404

Government Debt Summary5

  Amount Maturity
TIFIA US$327M Jul-20474
VTIB US$45M5 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. 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.
5. A US$45m VTIB facility was undrawn at 30 June 2019.

A25

Asset Overview1

Network North America Area
Transurban Ownership Interest 100.0%
FY19 Toll Revenue2 A$64M
FY19 EBITDA3 A$55M
% of Proportional FY19 Group Toll Revenue 2.5%
Credit Rating / Outlook N/A

Bank Debt

  Facility Limit Maturity
Facility 1 CAD$374M Sep 2019 – 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. 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, includes significant items.