Bank presentations were held on Tuesday for Australian Gas Light's A$2.4 billion multi-tranche financing. Commonwealth Bank of Australia and Goldman Sachs JBWere are the mandated arrangers. The facility comprises a A$500 million one year term loan, A$750 million three and five year portions and a A$400 million three year revolving credit.
Banks have been invited to join on three levels. Banks receive the title of arranger for commitments of A$200 million, co-arranger for A$150 million to A$199 million or lead manager for A$125 million to A$149 million.
Proceeds are to refinance the A$2 billion one year bridge loan that was provided...