"The new facility is a further step in implementing Envestra's financing strategy, which is to ensure our loan portfolio is appropriately balanced between bank and capital markets facilities, and has a spread of maturities that reflect the Group's long-term investments in gas distribution infrastructure," said Envestra's chief financial officer, Ian Little.

"It ensures Envestra maintains ready access to banking support and strong relationships with major Australian and international banks. The re-financing strategy is aimed at ensuring the Envestra Group maintains around one third of its total debt with the banking sector, the remainder being in the capital markets.

"We are now in a position where no more than $200 million of debt matures in any one year, except 2007, over the next decade."

The re-financing has been undertaken with Commonwealth Bank of Australia, ANZ, BNP Paribas, HSBC Australia and The Toronto-Dominion Bank.