The bulked-up Woodside Energy’s been in front of banks for a bulked-up funding package, picking up $1.2 billion for a new revolving loan that banks reckon could go undrawn for a while.
The bulked-up Woodside Energy’s been in front of banks for a bulked-up funding package, picking up $1.2 billion in a new revolving loan that banks reckon could go undrawn for a while.
Funds raised were to bankroll the group’s day-to-day operations, should the oil and gas company be short of a penny and draw down on the facilities. The revolving debt, drawable on demand by Woodside, comes as Woodside’s finance arm gets used to life in charge of a much larger portfolio and bigger and more complex funding needs.Banks reckon Woodside has been in touch wanting to talk about funding assets in far-flung places – in some cases, where it has never been before. Thehad interests in Trinidad and Mexico, for example, which is a long way from Woodside’s bread and butter in Western Australia.
That points to buybacks and/or special dividends, rather than big debt facilities. Barrenjoey analysts expected 5 per cent gearing as at June 30, and tipped $US20 billion in dividends and $US5 billion to $US9 billion of spare balance sheet capacity over the coming four-year period.
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