Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
B13 Borrowings (continued) Letters of credit and corporate credit facilities
2024
2023
$M
$M
Facility amount
Amount drawn
Facility amount
Amount drawn
Maturity
Letter of credit facility 2,3 Letter of credit facility 2,3 Working capital facility 1 Letter of credit facilities 2,3 General credit facility 2,3 Letter of credit facility 3
Jun 2025 Jul 2027 Apr 2025 Sept 2025 Dec 2025 Jun 2026
74
74
74
74
226
122
226
152
12
12 43
12
12 28
150
150
6
5
6
5
113 581
113 369
113 581
113 384
Total
1. Transurban Queensland $12 million letter of credit facility is issued as part of a working capital facility. 2. These facilities were amended or refinanced during FY24. 3. Relates to a corporate credit facility. There are no claims against any of the issued letters of credit and therefore no liability is recorded as at 30 June 2024 (2023: $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 FY24. 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 financial 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
Less than 1.25 times
Non-recourse debt
Covenant
Covenant breach threshold
M5 West Debt Service Cover Ratio
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
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
148
147
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