AquaSure to Begin Refinancing of Wonthaggi Desalination Project

AquaSure Pty Ltd. said today that it’s to begin refinancing A$3.7 billion ($3.4 billion) in bank debt for its desalination plant in Australia’s Victoria state that was completed last year.

The announcement confirms a July 12 report citing three people familiar with the matter that the builder of Australia’s largest desalination plant in Wonthaggi near Melbourne, which converts seawater to drinking water, would seek to refinance loan facilities backing the project.

The group said in an e-mailed statement it plans to refinance existing bank debt for the plant, may also tap the bond markets and hired Macquarie Group Ltd. as financial adviser for the process. Borrowing costs are expected to fall materially from the original greenfield financing signed in 2009, the people said last week.