Corporate Report for the year ended 30 June 2022
Introduction and overview
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Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B14 Borrowings (continued) Letters of credit and corporate credit facilities
2022
2021
$M
$M
Facility amount
Amount issued
Facility amount
Amount issued
Maturity Nov 2022 Dec 2022 Dec 2022 Dec 2022 Feb 2023 Aug 2023 Jun 2024 Dec 2024 Apr 2025 Jun 2026
Letter of credit facility Letter of credit facility General credit facility Letter of credit facilities 2 Letter of credit facility Letter of credit facilities 1 Letter of credit facility 1 Letter of credit facility 1 Working capital facility 3 Letter of credit facility 1
55
24
55
43
4 6
4 5
118
118
6
5
150
42 13
154
98 13 — —
13
13 — —
226
218
71
71
218
132
199
117
12
12
3
3
109 864
109 630
—
—
Total
548
397
1. These facilities were amended or refinanced during FY22. 2. This included an LC facility of $4 million as at 30 June 2021 which was cancelled in FY22. 3. Transurban Queensland $3 million LC was refinanced in FY22. The $12 million drawn amount reflects the letters of credit issued as part of a working capital facility.
There are no claims against any of the issued letters of credit and therefore no liability is recorded as at 30 June 2022 (2021: $nil).
Covenants A number of the Group's consolidated borrowings include financial covenants, which are listed below. There have been no breaches of any of these covenants during the year. The Group monitors covenants by applying forecast cash flows to ensure ongoing compliance with its obligations. This allows capital management and management action decisions to be made at the asset level (including distributions) should actual cash flows not perform to budget. Corporate and non-recourse debt covenants are calculated on a trailing 12 month basis. A trailing 12 month metric also enables management action to be taken swiftly to mitigate the risks of any covenants breaches. Corporate debt
Covenant
Covenant breach threshold
Senior Interest Coverage Ratio Group Market Capitalisation CityLink Interest Coverage Ratio
Less than 1.25 times
Gearing must not exceed 60% 1
Less than 1.1 times
1. Based on the balance sheet as at 30 June 2022, the Group’s average closing security price over 20 consecutive business days would need to be below $5.74 (2021: $3.83) per security to trigger this clause. Non-recourse debt
Covenant
Covenant breach threshold
A25 Interest Coverage Ratio
Less than 1.05 times Less than 1.10 times Less than 1.10 times Less than 1.10 times Less than 1.15 times Less than 1.10 times Less than 1.20 times Less than 1.30 times
M5 West Debt Service Cover Ratio
Airport Motorway Trust Interest Coverage Ratio Hills Motorway Trust Debt Service Coverage Ratio Lane Cove Tunnel Trust Interest Coverage Ratio Cross City Tunnel Trust Interest Coverage Ratio
Transurban Queensland Finance Interest Coverage Ratio Transurban Cardinal Holdings Senior Debt Service Coverage Ratio
155 155
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