The company today priced $US150 million of 12 year fixed rate bonds to be used to repay its short-term borrowings.

Overall AGL had a strong year financially announcing a profit attributable to shareholders of $295 million, up 54%, and an underlying net profit of $320.8 million, up 30%.

During the 12-month period, AGL's operating cash flow also increased by 57% to $542.2 million, with gearing reduced to 38%.

Malaysian hospitality player Genting has now put a $3.5 billion bid on the table for Loy Yang, competing against AGL's bid, which itself seems destined for the courtrooms after the Australian Competition and Consumer Commission ruled it anti-competitive.