Transurban Corporate Report FY25 Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B13 Borrowings (continued) Letters of credit and corporate credit facilities
2025
2024
$M
$M
Facility amount
Amount drawn
Facility amount
Amount drawn
Maturity
Letter of credit facility 1 Letter of credit facility 1,2 Working capital facility 2,3 Letter of credit facilities 1,2 General credit facility 1 Letter of credit facility 1,2
Jun 2025 Jul 2027 Jul 2028 May 2028 Dec 2025 Jun 2026
—
—
74
74
229
181
226
122
30
30 43
12
12 43
120
150
6
5
6
5
90
90
113 581
113 369
Total
475
349
1. Relates to a corporate credit facility. 2. These facilities were amended or refinanced during FY25. 3. Transurban Queensland $30 million letter of credit facility is 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 2025 (2024: $nil). Covenants A number of the Group's consolidated borrowings include financial covenants. There have been no breaches of any of these covenants during FY25. 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 cash flow projections. Corporate and non-recourse financial covenants are calculated on a trailing 12 month basis. Regular review of a trailing and forward 12 month metric also enables management action to be taken swiftly to mitigate the risks of any covenants breaches. The financial covenants that relate to borrowings classified as non-current and require compliance within 12 months after the reporting date are listed below. Corporate debt
2025
2024
$M
$M
Carrying amount of related borrowings
Carrying amount of related borrowings
Covenant breach threshold
Covenant
Testing frequency
Senior Interest Coverage Ratio
Less than 1.25 times Semi-annual - Jun, Dec
11,787
10,831
Non-recourse debt
2025
2024
$M
$M
Carrying amount of related borrowings
Carrying amount of related borrowings
Covenant breach threshold
Covenant
Testing frequency
Airport Motorway Trust Interest Coverage Ratio
Less than 1.10 times Quarterly - Mar, Jun, Sep, Dec
211 811 240
265 810 240 268
Hills Motorway Trust Debt Service Coverage Ratio Less than 1.10 times Quarterly - Mar, Jun, Sep, Dec
Lane Cove Tunnel Trust Interest Coverage Ratio Cross City Tunnel Trust Interest Coverage Ratio Transurban Queensland Finance Interest Coverage Ratio
Less than 1.15 times Quarterly - Mar, Jun, Sep, Dec Less than 1.10 times Quarterly - Mar, Jun, Sep, Dec
—
Less than 1.20 times Quarterly - Mar, Jun, Sep, Dec
6,298
5,975
There are no indications that the Group will have difficulties in complying with the above covenants within 12 months after the reporting date.
138
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