Ampol Limited (ASX:ALD), a leading Australian energy company that supplies fuels, lubricants, and convenience products across the country, has today commenced a wholesale offering for a new A$400 million delayed-draw subordinated notes facility. This initiative forms part of Ampol’s ongoing capital management strategy, following the successful issue of A$500 million in subordinated notes in October 2025 and a similar A$500 million delayed-draw facility in December 2025. The new facility aims to provide committed, long-dated funding, offering the company significant financial flexibility.
The A$400 million facility is structured for issuance in up to two tranches: A$250 million and A$150 million. The A$250 million tranche has an availability period extending to March 31, 2027, while the A$150 million tranche offers an availability period until June 30, 2028, both subject to specific closing conditions. These Subordinated Notes will feature a non-call period of 12 years from the initial issue date and a final maturity in 2058. Net proceeds are primarily intended for refinancing, with A$250 million to partly refinance subordinated notes callable in March 2027 and A$150 million to fully refinance sustainability-linked subordinated notes callable in June 2028, or for general corporate purposes.
Greg Barnes, Ampol’s Group Chief Financial Officer, expressed satisfaction with the new financing facility, noting it leverages the successful delayed-draw feature from a previous issue. He highlighted that investor commitments and issue pricing would be fixed upfront, capitalising on attractive market conditions to secure long-term capital for future hybrid refinancing. Mr. Barnes underscored the flexibility the delayed-draw feature provides regarding issue timing, use of proceeds, and cancellation rights, affirming it as a testament to Ampol’s proactive capital management. The company has already secured binding underwriting commitments for the full A$400 million from a cornerstone institutional investor group. The offering is currently available to other institutional investors, with closing expected around July 9, 2026. The Subordinated Notes are anticipated to receive 50% equity credit from Moody’s Investors Service, aligning with Ampol’s existing notes.
