Summary

Key Debt Metrics

30 JUNE 2020
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 8.4 yrs 6.7 yrs 9.7 yrs4
Weighted average cost of AUD debt1,2 4.4% 4.7% 4.1%
Weighted average cost of USD debt2 4.4% 4.3% 4.5%
Weighted average cost of CAD debt2 5.0% 4.6% 5.4%
Hedged1,5 98.9% 98.9% 98.9%
Gearing (proportional debt to enterprise value)1,6 35.8%  
FFO/Debt7 7.0%
Corporate senior interest cover ratio (historical ratio for 12 months) 3.8x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

 

30 JUNE 2019
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 8.3 yrs 6.4 yrs 9.5 yrs3
Weighted average cost of AUD debt1,2 4.6% 5.0% 4.3%
Weighted average cost of USD debt2 4.4% 4.3% 4.5%
Weighted average cost of CAD debt2 4.9% 4.6% 5.3%
Hedged1,5 100.0% 100.0% 100.0%
Gearing (proportional debt to enterprise value)1,6 32.0%  
FFO/Debt7 8.7%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.1x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

1. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.7015 at 30 June 2019 and 0.6857 at 30 June 2020) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9182 at 30 June 2019 and 0.9380 at 30 June 2020) where no cross currency swaps are in place.
2. Calculated using proportional drawn debt exclusive of letters of credit.
3. The weighted average maturity of AUD non-recourse debt was 6.7 years at 30 June 2019.
4. The weighted average maturity of AUD non-recourse debt was 6.6 years at 30 June 2020.
5. Hedged percentage comprises fixed rate debt and floating rate debt that has been hedged and is a weighted average of total proportional drawn debt, exclusive of issued letters of credit.
6. Calculated using proportional debt to enterprise value, exclusive of issued letters of credit. Security price was $14.74 at 30 June 2019 and $14.13 at 30 June 2020 with 2,675 million securities on issue at 30 June 2019 and 2,735 million securities on issue at 30 June 2020.
7. Based on S&P methodology. FFO is calculated as statutory EBITDA (where EBITDA equals revenue minus operating expenses net of maintenance provision) plus dividends from investments; minus net interest expense, tax paid, and stock compensation expense. Debt is calculated as statutory drawn debt net of cash, foreign currency hedging and other liquid investments. FFO/Debt calculation methodology may be subject to adjustments in future periods.

Debt Position Summary

As at 30 June 2020

CORPORATE1
Corporate debt pie chart
Total debt2 A$9.5B
Average tenor3 6.7 years
Average AUD interest rate4 4.7%
Average USD interest rate4 4.3%
Average CAD interest rate4 4.6%

 

AUSTRALIA NON-RECOURSE1
Australian debt pie chart
Total debt2 A$18.0B
Average tenor3 6.6 years
Average AUD interest rate4 4.1%
Average USD interest rate4 N/A
Average CAD interest rate4 N/A

 

NORTH AMERICA NON-RECOURSE1
North America debt pie chart
Total debt2 A$3.7B
Average tenor3 17.1 years
Average AUD interest rate4 N/A
Average USD interest rate4 4.5%
Average CAD interest rate4 5.4%

1. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.6857 at 30 June 2020) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9380 at 30 June 2020) where no cross currency swaps are in place.
2. Represents drawn amounts on a 100% interest basis, including separate letters of credit issued.
3. Calculated using proportional drawn debt.
4. Proportional drawn debt exclusive of issued letters of credit.

Debt Maturity Profile

Corporate (as at 30 June 2020)

Corporate debt maturity profile chart

1.The full value of available debt facilities is shown. Debt is shown in the financial year in which it matures.
2.Debt values are shown in AUD as at 30 June 2020. CAD, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.6857 at 30 June 2020) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9380 at 30 June 2020) where no cross currency swaps are in place.
3.Subsequent to 30 June 2020, the FY21 EMTN maturity and FY21 USPP maturity were repaid with funds raised from the EMTN issuance that settled in April 2020.

Non-Recourse (as at 30 June 2020)

Non recursive debt maturity profile chart

1. The full value of available debt facilities is shown. Debt is shown in the financial year in which it matures. Annual maturities of less than $25 million are not shown for graph purposes.
2. Debt values are shown in AUD as at 30 June 2020. CAD, CHF and USD debt is converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.6857 at 30 June 2020) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9380 at 30 June 2020) where no cross currency swaps are in place.
3. A $328 million tranche of the 495 Express Lanes debt will be refinanced in FY21, per the financing structure agreed with the sole holder, J.P. Morgan.