Calyon acted as mandated lead arranger in a club style financing for an AUD 480 million senior facility for Dampier to Bunbury Natural Gas Pipeline (DBNGP). The 3 and 5-year senior secured facility aimed at refinancing an existing capex facility for the Stage 5A* expansion of the pipeline. The new facility ranks pari passu with the remainder of DBNGP's senior debt.

DBNGP's major shareholder, DUET Group (Diversified Utilities & Energy Trusts), has been the key relationship for Calyon in securing this opportunity. Calyon is an existing lender to the ASXThe Australian Securities Exchange (ASX) is the primary stock exchange group in Australia. listed Duet Group and has previously participated in the 2005 refinancing of DBNGP’s senior debt facility (subsequently refinanced) and financed the previous owner of the DBNGP, Epic Energy.

DBNGP is a sole purpose business, limited to the operation, maintenance and expansion of the pipeline - a network of 1,539 km main line pipe and 300 km of laterals. DBNGP is the key gas transmission pipeline of Western Australia, extending from the Pilbara region in the north, to the south west of Western Australia. It ensures that the community and local businesses have reliable access to gas and electricity.

*Stage 5A of the project comprises 10 loops, with a total length of 570 kilometres, adding around 100TJ/d of capacity to the DBNGP. The completion of Stage 5A means that more than 50% of the length of the DBNGP has now been duplicated. DBNGP is currently undertaking a Stage 5B expansion, which involves a further 440 km of 660 mm pipeline loops.  This expansion project is due for completion mid 2010.