Asset & debt overview

All debt information provided is as at 31 December 2024, on a 100% interest basis and reflects facility limits unless stated otherwise.

Corporate Debt Structure

Transurban Finance Company was established in 2002 as a special purpose financing vehicle to raise funds on behalf of the Transurban Group. The Transurban Group raises corporate debt on a senior secured basis. 

Corporate debt is secured by a first ranking charge over the assets of the corporate security providers, which includes security over CityLink and the Transurban Group’s share of distributions generated by its other assets.  

All assets of the Transurban Group other than CityLink are funded by non-recourse project finance debt facilities, secured by the assets and cash flows of the relevant road project. Providers of finance under these non-recourse debt facilities have no recourse to the security that has been granted to corporate debt providers.

^1. Percentages represent Transurban’s ownership interest as at 31 December 2024.

Corporate Debt

Bank Debt

Working Capital Facilities¹

Facility	Facility Limit	Drawn Amount	Maturity
Facility 1	A$825M	A$100M	Apr-2027
Facility 2	A$1,000M	-	Jun-2028
Facility 3	A$825M	-	Jun-2029

Letters of Credit

Facility	Facility Limit	Issued Amount	Maturity
Facility 1	US$28M	US$28M	Jun-2025
Facility 2	A$40M	A$24M	Sep-2025
Facility 3	A$50M	A$16M	Sep-2025
Facility 4	A$60M	A$4M	Sep-2025
Facility 5	A$6M	A$5M	Dec-2025
Facility 6	US$75M	US$75M	Jun-2026
Facility 7	US$150M	A$155M	Jul-2027

^1. Corporate Working Capital Facilities totalling $2,650m are syndicated facilities and can be drawn in AUD and/or USD. 

Debt Capital Markets

EMTN

Issuance	Amount	Coupon	Maturity	ISIN
Euro Bond 1	€500M	2.00%	Aug-2025	XS1239502328
Euro Bond 2	€500M	1.75%	Mar-2028	XS1681520786
Euro Bond 3	€600M	1.45%	May-2029	XS1997077364
Euro Bond 4	€350M	1.70%	Jul-2034	XS2021470898
Euro Bond 5	€750M	3.00%	Apr-2030	XS2152883406
Euro Bond 6	€650M	4.23%	Apr-2033	XS2614623978
Euro Bond 7	€500M	3.71%	Mar-2032	XS2778764006
Euro Bond 8	€500M	3.97%	Mar-2036	XS2778764188
NOK Bond	NOK750M	3.00%	Jul-2027	XS1449824108
Maple Bond	CAD$650M	4.56%	Nov-2028	CA89400PAJ27

144A

Issuance	Amount	Coupon	Maturity	ISIN
144A	US$550M	4.13%	Feb-2026	USQ9194UAG78
144A	US$550M	3.38%	Mar-2027	US89400PAG81
144A	US$900M	2.45%	Mar-2031	USQ9194UBC55

Asset Debt

CityLink

Asset Overview

Network	Melbourne, Victoria
Transurban Ownership Interest	100.0%
1H25 Toll Revenue	A$495M
1H25 EBITDA1	A$428M
% of Proportional 1H25 Group Toll Revenue	26.5%
Credit Rating / Outlook	N/A

Debt Summary

Not applicable as CityLink is not funded by non-recourse project finance debt facilities. Refer to the Corporate Debt Structure above for further details.

^1.Operating EBITDA, note that for HY25 there were $143m of litigation liability costs in EBITDA.

Hills M2

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
1H25 Toll Revenue	A$192M
1H25 EBITDA1	A$162M
% of Proportional 1H25 Group Toll Revenue	10.3%
Credit Rating / Outlook2	Moody's – A2 / Stable

Institutional Term Loan Summary 

	Facility Limit	Maturity
Facility 1	A$475M	Apr-2030
Facility 2	A$340M	Jan-2030 – Apr-2035

^1. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^2. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Cross City Tunnel

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
1H25 Toll Revenue	A$41M
1H25 EBITDA1	A$27M
% of Proportional 1H25 Group Toll Revenue	2.2%
Credit Rating / Outlook	N/A

^1. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$274M	Mar-2025 – Mar-2026

Lane Cove Tunnel

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
1H25 Toll Revenue	A$51M
1H25 EBITDA1	A$33M
% of Proportional 1H25 Group Toll Revenue	2.7%
Credit Rating / Outlook	N/A

Debt Summary

	Facility Limit	Maturity
Private Placement 1	A$160M	May-2028
Private Placement 2	A$40M	May-2028
Private Placement 3	A$40M	May-2031

^1. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.

M1 Eastern Distributor

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	75.1%
1H25 Toll Revenue1	A$83M
1H25 EBITDA1,2	A$59M
% of Proportional 1H25 Group Toll Revenue	3.3%
Credit Rating / Outlook	N/A

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$291M	Mar-2025 – Dec-2030

^1. 100% interest basis.
^2. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.

NorthWestern Roads Group

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	50.0%
1H25 Toll Revenue1	A$339M
1H25 EBITDA1,2	A$271M
% of Proportional 1H25 Group Toll Revenue	9.1%
Credit Rating / Outlook3	Moody's – A3 / Stable Fitch – A- / Stable

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$202M	Jun-2027
Facility 2	A$624M	Feb-2028/Feb-2029
Facility 3	A$205M	May-2036

Institutional Term Loan Summary

	Facility Limit	Maturity
Facility 1	A$405M	Nov-2031/Nov-2032

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	A$15M	A$14M	Feb-2027

Debt Capital Markets Summary

Issuance	Amount	Coupon	Maturity	ISIN
A$MTN 1	A$100M	BBSW3M + 2.00%	Jul-2026	AU3FN0031563
A$MTN 2	A$435M	4.50%	Mar-2027	AU3CB0243566
A$MTN 3	A$100M	4.50%	Sep-2027	AU3CB0243590
A$MTN 4	A$155M	2.70%	Jun-2030	AU3CB0272920
USPP 2017 A	A$100M	4.47%	Aug-2029	N/A
USPP 2017 B	A$100M	4.65%	Aug-2032	N/A
USPP 2018 C	A$345M	4.46%	Dec-2030	N/A
USPP 2018 D	A$195M	4.65%	Dec-2033	N/A
USPP 2018 E	A$75M	4.80%	Dec-2038	N/A

^1. 100% interest basis.
^2. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia. 

M5 Motorway

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
1H25 Toll Revenue	A$180M
1H25 EBITDA1	A$152M
% of Proportional 1H25 Group Toll Revenue	9.7%
Credit Rating / Outlook	N/A

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$59M	Mar-2025 – Jun-2025

^1. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.

WestConnex

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	50.0%
1H25 Toll Revenue	A$459M
1H25 EBITDA1,2	A$360M
% of Proportional 1H25 Group Toll Revenue	12.3%
Credit Rating / Outlook3	S&P - BBB+ / Stable

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$1,200M	Dec-2025
Facility 2	A$800M	Dec-2027
Facility 3	A$900M	Aug-2026
Facility 4	A$800M	Aug-2029
Facility 5	A$300M	May-2028

Institutional Term Loan Summary

	Facility Limit	Maturity
Facility 1	A$725M	Dec-2032

Government Debt Summary

	Facility Limit	Maturity
WCX M5 Government Debt	A$2,726M	Jul-2034

Debt Capital Markets Summary

Issuance	Amount	Coupon	Maturity	ISIN
A$MTN 1	A$650M	3.15%	Mar-2031	AU3CB0279057
A$MTN 2	A$550M	6.15%	Oct-2030	AU3CB0303188
USPP 2021 A	US$350M	2.98%	Sep-2031	N/A
USPP 2021 B	US$350M	3.08%	Jun-2033	N/A
USPP 2021 C	US$400M	3.28%	Jun-2036	N/A
USPP 2021 D	A$350M	4.48%	Jun-2041	N/A
USPP 2023 E	US$369M	6.49%	Dec-2033	N/A
USPP 2023 F	CAD$200M	5.89%	Dec-2033	N/A

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	A$220M	A$190M	Aug-2027

^1. 100% interest basis.
^2. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Transurban Queensland

Asset Overview

Network	Brisbane, Queensland
Transurban Ownership Interest	62.5%
1H25 Toll Revenue	A$487M
1H25 EBITDA1,2	A$375M
% of Proportional 1H25 Group Toll Revenue	16.4%
Credit Rating / Outlook3	S&P – BBB / Stable

Debt Summary

	Facility Limit	Maturity
Bank Debt Facility 1	A$40M	Jul-2028
Bank Debt Facility 2	A$340M	Jul-2028
Private Placement	A$200M	Apr-2030

Institutional Term Loan Summary

	Facility Limit	Maturity
ITL Facility 1	A$500M	Jun-2033/Jun-2035
ITL Facility 2	A$220M	Oct-2033/Oct-2035

Debt Capital Markets Summary

	Amount	Coupon	Maturity	ISIN
A$MTN 1	A$250M	6.35%	May-2030	AU3CB0303964
A$MTN 2	A$300M	3.25%	Aug-2031	AU3CB0279958
A$MTN 3	A$250M	5.62%	Aug-2034	AU3CB0312833
CHF Bond A4	CHF175M	0.65%	Nov-2026	CH0340912168
CHF Bond B4	CHF200M	1.00%	Dec-2025	CH0409606362
CHF Bond C4	CHF190M	0.88%	Nov-2031	CH1108704839
USPP 2015 A	US$155M	4.16%	Sep-2025	N/A
USPP 2015 B	US$230M	4.26%	Sep-2027	N/A
USPP 2015 C	US$256M	4.41%	Sep-2030	N/A
USPP 2015 D	A$70M	5.78%	Sep-2030	N/A
USPP 2016 E	US$130M	3.45%	Dec-2026	N/A
USPP 2016 F	US$225M	3.55%	Dec-2028	N/A
USPP 2016 G	US$78M	3.70%	Dec-2031	N/A
USPP 2016 H	A$35M	4.64%	Dec-2026	N/A
USPP 2016 I	A$75M	5.00%	Dec-2031	N/A
USPP 2016 J	A$100M	5.17%	Jan-2035	N/A
USPP 2019 K	US$144M	3.96%	May-2029	N/A
USPP 2019 L	US$245M	4.06%	May-2031	N/A
USPP 2019 M	US$180M	4.16%	May-2034	N/A
USPP 2019 N	A$30M	3.94%	May-2029	N/A
USPP 2019 O	A$40M	BBSW3M + 2.15%	May-2034	N/A
Regulation S	US$500M	4.50%	Apr-2028	XS1808838434

^1. 100% interest basis
^2. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^4. Transurban Queensland Group's disclosures and financial statements can be accessed here.

495 Express Lanes

Asset Overview

Network	Greater Washington Area
Transurban Ownership Interest	50.0%
1H25 Toll Revenue1,2	A$78M
1H25 EBITDA1,2,3	A$51M
% of Proportional 1H25 Group Toll Revenue	2.1%
Credit Rating / Outlook4	Moody’s – Baa1 / Stable Kroll – BBB+ / Stable

Debt Capital Markets Summary

	Amount	Maturity
Private Activity Bond 1	US$54M	Dec-20425
Private Activity Bond 2	US$133M	Dec-20475
Private Activity Bond 3	US$49M	Dec-20525
Private Activity Bond 4	US$63M	Dec-20575

Government Debt Summary

	Amount	Maturity
TIFIA 1	US$841M	Oct-20475
TIFIA 2	US$212M	Jun-2060
VTIB	US$49M	Jun-2060

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^4. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^5. Final maturity.

95 Express Lanes

Asset Overview

Network	Greater Washington Area
Transurban Ownership Interest	50.0%
1H25 Toll Revenue1,2	A$160M
1H25 EBITDA1,2,3	A$128M
% of Proportional 1H25 Group Toll Revenue	4.3%
Credit Rating / Outlook4	S&P – Senior: BBB / Stable S&P – TIFIA: BBB / Stable Fitch – Senior: BBB / Stable Fitch – TIFIA: BBB / Stable

Debt Capital Markets Summary

	Amount	Maturity
Private Activity Bond 1	US$177M	Jan-20485
Private Activity Bond 2	US$204M	Jan-20405
Private Activity Bond 3	US$196M	Jan-20405
Private Activity Bond 4	US$62M	Jan-20425

Government Debt Summary

	Amount	Maturity
TIFIA	US$310M	Jul-20475
VTIB	US$46M	Dec-2047

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^4. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^5. Final maturity.

A25

Asset Overview

Network	North America Area
Transurban Ownership Interest	50.0%
1H25 Toll Revenue1,2	A$41M
1H25 EBITDA1,2,3	A$35M
% of Proportional 1H25 Group Toll Revenue	1.1%
Credit Rating / Outlook	N/A

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	CAD$349M	Jan-20274

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	CAD$15M	CAD$12M	Jan-2027

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. Operating EBITDA, however note that for HY25 there were no transaction, integration and litigation liability costs hence there is no difference between operating EBITDA and EBITDA.
^4. Final maturity.