According to The Australian Financial Review, GPG Renewables Australia, the 4.7-gigawatt renewable platform that parked its $4 billion sale last month, is marching ahead with a $1.6 billion debt refinancing.
Sources said GPG is in advanced discussions with several banks to come in on a $1.1 billion refinancing of its existing facilities, and is aiming to reach the finishing line by June 30. In tandem, it has put a circa $500 million new-money deal to lenders to bankroll construction at projects. GPG was already in discussions with bank lenders, including the Aussie Big Four and Japanese lenders, as part of a $2 billion staple debt package being put together by Macquarie Capital for the bidders. It is understood Macquarie Capital and GPG’s sale adviser, Morgan Stanley, pivoted from the takeover financing to the current deal when owners Wren House Infrastructure and Naturgy cancelled the sale. https://www.afr.com/street-talk/big-four-japanese-banks-circle-gpg-renewables-1-6b-refinancing-20240515-p5jdts
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