Duet’s DBP prices $100m notes

Pipeline owner refinances debt facilities via medium-term notes issue.

Duet Group’s Western Australian pipeline DBP has priced a $100 million issue of medium-term notes, to refinance the current debt facilities.

The notes are at a fixed rate of 5 per cent per annum. They will settle on October 1, 2014 and will mature in six years.

The funds will be used to refinance the remaining $50m of bank debt maturing in October, as well as other higher priced debt facilities, DBP’s chief executive Stuart Johnston said.

Commonwealth Bank of Australia and National Australia Bank are the joint lead managers of the issuance.

Duet owns 80 per cent of DBP, with Alcoa holding the other 20 per cent. The Dampier to Bunbury pipeline is the only natural gas pipeline connecting the Carnavon Basin in WA.