TCL buys Cross City Tunnel debt
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Transurban Group (TCL) will acquire all of the Royal Bank of Scotland's (RBS) $475 million in debt exposure to the Cross City Tunnel in Sydney.
In a statement to the Australian Securities Exchange, Transurban said it will also pay an additional fee of up $27.5 million over four years to RBS in the event of material traffic outperformance relative to Transurban's base assumptions.
The purchase is subject to regulatory approvals and final asset inspections.
RBS is the tunnel's sole secured creditor. In September receivers were appointed to oversee the tunnel holding and operating entities and commence a sale process for the asset.
Transurban and RBS have agreed during the transitional process to instruct receivers to continue with the sale process for the asset.
Transurban chief executive Scott Charlton said the company intends to bid for the road during the sale.
"The acquisition of the senior debt in the CCT will allow us to work with the receivers to examine restructuring options for the asset and, ultimately, if successful in the sale process, put the asset onto a sustainable footing," the company said.
Transurban already owns or part-owns of number of major toll roads in Sydney - the M2, M5, M7 motorways, the Eastern Distributor and the Lane Cove Tunnel.
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