NGC Credit Facility Terminated
3 May 2002
Natural Gas Corporation Holdings Limited (NGC) announced today the early termination of a $135 million credit facility provided in July last year by its majority shareholder, The Australian Gas Light Company (AGL). The facility was scheduled to expire on 1 July this year.
The loan had previously been drawn to $124 million and was repaid in full in December last year from new bank debt facilities of $850 million raised by NGC.
Chief Executive Officer Mr Phil James said NGC did not need to make further calls on the AGL facility and its termination today reflected confidence in both the adequacy of its new bank debt facilities and continuing satisfactory cashflow generation from its businesses.