Transurban Group Ltd. · ASX:TCL
Transurban — H1 FY2011 Earnings Presentation
62 slides from Transurban's earnings presentation, Feb 10, 2011
Slide 1: 2011 Half Year Results
TRANSURBAN 2011 HALF YEAR RESULTS 10 FEBRUARY 2011
Slide 2: Disclaimer
DISCLAIMER This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holding Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of Transurban Holding Trust is Transurban Infrastructu
Slide 3: TCL Investment Proposition
TCL INVESTMENT PROPOSITION Proven VOLUME GROWTH Strong free cash growth PRICE INCREASES at CPI or better COST BASE that can be leveraged EBITDA CAGR of 10.8% over last 3 Robust balance sheet of 2.7x interest years Premium ASX defensive exposure cover ratio Fully cash backed distributions Track r
Slide 4: Agenda
AGENDA 1. Highlights and corporate update 2. Financial results 3. Financing 4. Asset review 5. Conclusion 6. Appendices Investor and media enquiries: Wesley Ballantine +61 (0) 3 8656 8904 3
Slide 5: Highlights
HIGHLIGHTS WITH PROJECT AADT NO PROJECT AADT 15.4% toll revenue CityLink Upgrade delivering growth p.27 Lane Cove Tunnel immediately 65.5% operating margin contributing to free cash achieved p.25 370 3.2 1.0 362.8 13.8 360 (1.6) (0.3) (0.1) Costs deliver $2.2 2.8 Continued success in cost 350 36.5 (
Slide 6: Corporate Update
CORPORATE UPDATE ORGANISATIONAL CHANGE CONTINUES 5
Slide 7: Financial Results
FINANCIAL RESULTS TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 8: Statutory Reporting
STATUTORY REPORTING • Net profit $76.0 million (2010: $54.2 million profit) - 40.3% • Toll revenue $361.9 million (2010: $363.3 million) - (0.4)% • Fee and other road revenue $37.9 million (2010: $33.3 million ) - 13.8% • EBITDA (statutory basis) $293.4 million (2010: $288.4 million) - 1.7%
Slide 9: Proportional Result – Incl M4 & LCT
PROPORTIONAL RESULT – INCL M4 & LCT HALF YEAR ENDED 31 DECEMBER 2010 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 446.9 416.1 7.4% Fee revenue 28.7 26.3 9.1% Other revenue 9.8 9.1 7.7% Total revenue 485.4 451.5 7.5% Operating costs (106.5) (101.9) (4.5%) Business development costs (
Slide 10: Proportional Result – Excl M4
PROPORTIONAL RESULT – EXCL M4 CONTINUING PORTFOLIO - HALF YEAR ENDED 31 DECEMBER 2010 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 446.9 387.3 15.4% Fee revenue 28.7 26.3 9.1% Other revenue 9.8 8.9 10.1% Total revenue from continuing portfolio 485.4 422.5 14.9% Operating costs (106.5)
Slide 11: Asset Snapshot
ASSET SNAPSHOT STRONG EBITDA GAINS ACROSS PORTFOLIO HALF ENDED 31 DECEMBER 2010 • CityLink delivers % OF PROP TRAFFIC TOLL REVENUE EBITDA double digit growth on TOLL REVENUE GROWTH (%) GROWTH (%) GROWTH (%) all measures 48.8% CityLink 11.4% 15.4% 14.4% 16.6% Hills M2 1.9% 3.5% 6.3% 5.2% 6.0% N/A N/A
Slide 12: Toll Revenue Growth
TOLL REVENUE GROWTH CITYLINK UPGRADE BEGINS TO DELIVER PROPORTIONAL TOLL REVENUE 1ST HALF FY10 TO 1ST HALF FY11 • Upgrade 450 completion driving 23.2 446.9 15.4% CityLink toll 440 revenue growth 430 4.5 • Lane Cove Tunnel 4.0 1.3 $ 'Millions 420 (0.3) 416.1 29.1 2.5 came on line 10 August – 410 (4.7
Slide 13: CityLink Upgrade Delivering
CITYLINK UPGRADE DELIVERING TRAFFIC UPLIFT POST-CONSTRUCTION, EXTRA LANE IMPACT PROPORTIONAL TOLL REVENUE 1ST HALF FY10 TO 1ST HALF FY11 • More than 40% of toll 450 revenue growth driven by 23.2 446.9 CityLink 440 430 6.2 • Immediate recovery from $ 'Millions 420 5.8 416.1 13.1 construction phase 41
Slide 14: Cost Control
COST CONTROL CONTINUED COST REDUCTIONS EBITDA GROWTH 1ST HALF FY10 TO 1ST HALF FY11 • Underlying EBITDA 370 from the continuing 3.2 1.0 362.8 13.8 portfolio grew 17% 360 (1.6) (0.3) (0.1) 2.8 350 36.5 Costs deliver $2.2 • Toll revenue growth $ 'Millions (2.7) million favourable translating directly
Slide 15: Focus on Costs
FOCUS ON COSTS EMBEDDED CULTURE OF COST CONSCIOUSNESS The Value Framework Examples of cost saving initiatives: Actively Manage Concession • CityLink Maintenance contract • Power initiatives for lower energy use Increase Road Optimise Improve Product Revenue • Reduction in Storage Area Network Capaci
Slide 16: Free Cash Flow
FREE CASH FLOW 16.6% INCREASE, DISTRIBUTION GUIDANCE CONFIRMED DISTRIBUTION 31 DEC 10 31 DEC 09 % FREE CASH FLOW change ($M) ($M) Free cash 188.1 161.3 16.6 Free cash per security (cents) – 13.1 12.5 4.8 securities on issue • Distribution guidance for FY11 confirmed to be at least 26 cents per secur
Slide 17: Growth in Free Cash
GROWTH IN FREE CASH TOLL REVENUE DRIVING INCREASE IN FREE CASH FREE CASH GROWTH 1ST HALF FY10 TO 1ST HALF FY11 • 15.4% growth in toll 200 revenue driving free cash 190 6.7 15.3 188.1 31.9 180 (4.9) • Other revenue – timing (2.0) 3.4 (6.3) 7.0 $ 'Millions of DRIVe receipts 170 161.3 160 (12.8) • M1 t
Slide 18: Reconciliation of Free Cash
RECONCILIATION OF FREE CASH EBITDA GROWTH TRANSLATING INTO FREE CASH 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Proportional EBITDA 362.8 331.2 9.5% Non-cash items and working capital movements 6.8 17.5 (61.1%) Proportional net interest paid (including M7 Term Loan Notes received) (108.7) (107.2) 1.4% T
Slide 19: Financing
FINANCING TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 20: Finance Highlights
FINANCE HIGHLIGHTS STRENGTHENING THE BALANCE SHEET $1.8 billion successfully financed in past 6 months Reducing margins and increasing tenor from GFC levels Hedging in place across the portfolio – 95% hedged/fixed Diversified funding portfolio (sources and maturity) Capital plan remains full
Slide 21: Financing
FINANCING $1.8BILLION SUCCESSFULLY FINANCED DEBT FACILITIES FINANCED SINCE JANUARY 2010 • M7 - successfully financed 3000 $505m 2500 300 • Hills M2 – refinanced 270 AUD $ million $465m and additional 2000 financing achieved 1500 740 • Corporate facilities financed 1000 505 • All financings undertake
Slide 22: Maturities – Corporate
MATURITIES - CORPORATE MINIMAL REFINANCING REQUIREMENTS IN NEAR TERM • December 2013 ($270m) replaced $320m bank debt maturing February 2011 • Unwrapped bonds ($300m) maturing September 2011 – planning underway CORPORATE DEBT MATURITIES – 10 YEAR FORWARD VIEW 31 DECEMBER 2010 600 Working Capital Fac
Slide 23: Maturities – Non-Recourse
MATURITIES – NON-RECOURSE NO REFINANCING REQUIREMENTS UNTIL 2012 • Westlink M7 Tranche A successfully financed • M2 financed and additional funds obtained for upgrade works M7 Westlink Term Bank Debt M5 Term Bank Debt • Lane Cove Tunnel non-recourse debt successfully raised Capital Beltway Letter of
Slide 24: Financial Conclusion
FINANCIAL CONCLUSION STRONG UPLIFT IN EBITDA, STABLE BALANCE SHEET • 15.4% toll revenue growth on continuing portfolio • 17.0% underlying EBITDA growth on continuing portfolio • Continued cost reductions • $1.8 billion of financings completed • 16.6% free cash growth to $188.1 million • Interim dist
Slide 25: Asset Review – Proven Performance
ASSET REVIEW – PROVEN PERFORMANCE WITH STRONG NATURAL GROWTH CHRIS LYNCH – CHIEF EXECUTIVE OFFICER
Slide 26: Lane Cove Tunnel
LANE COVE TUNNEL EBITDA MARGIN DELIVERED % GROWTH • Strong traffic growth of 6.0% TRAFFIC TOLL EBITDA EBITDA MARGIN REVENUE • EBITDA margin of 65.5% 6.0% N/A N/A 65.5% • Successful integration • Success in obtaining competitive debt funding 31 DEC 10 ($M) Revenue Toll revenue 23.2 Fee and ot
Slide 27: Lane Cove Tunnel
LANE COVE TUNNEL FIRST PERIOD – VALUE ACCRETIVE 31 DEC 10 ($M) 31 DEC 10 ($M) ADJUST TRANSURBAN GROUP FREE CASH ACTUAL ($M) EXCLUDING LCT AND % CHANGE EQUITY RAISING Free cash 188.1 (20.8) 167.3 12.4 Securities on issue – (millions) 1,441 (118) 1,323 Free cash per security (cents) – securities on is
Slide 28: CityLink
CITYLINK TRAFFIC GROWTH STRONG ACROSS THE NETWORK • Growth across entire corridor % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Increased road capacity in ramp up REVENUE phase 11.4% 15.4% 14.4% 86.0% • Fifth lane on West Gate Bridge to be completed by March 2011 CITYLINK TOLL REVENUE GROWTH ANALYSIS
Slide 29: CityLink MCW Upgrade
CITYLINK MCW UPGRADE BENEFITS DELIVERING AS EXPECTED Actual traffic growth 16% • Monash-CityLink-West Gate Upgrade 14% 12% benefits delivering as expected • 10% 8% Moving from high-growth ramp up to 6% 4% sustainable growth profile 2% 0% Dec Jul (2%) (4%) FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 WITH
Slide 30: M1 Traffic Management
M1 TRAFFIC MANAGEMENT SMART ROAD TECHNOLOGY REDUCING BOTTLENECKS • Significant improvements in road performance due to Freeway Management System (FMS) implementation • Peak-hour bottlenecks reducing across Southern Link MONASH FREEWAY – JACKSONS ROAD TO BURKE ROAD TYPICAL DAY SPEED – PRE-FMS TYPICAL
Slide 31: Hills M2
HILLS M2 PEAK CONGESTION, STRONG EBITDA GROWTH • Peak periods at near maximum capacity % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Growth in peak periods lower than REVENUE overall workday growth 1.9% 3.5% 6.3% 82.2% • Weekend growth greater than weekday HILLS M2 TOLL REVENUE GROWTH ANALYSIS 4% 0.3
Slide 32: M2 Upgrade
M2 UPGRADE CONSTRUCTION BEGINS M2 UPGRADE – SCOPE OF WORKS TIMELINE TO COMPLETION January 2011 Construction commences First half 2012 Windsor Rd ramps completion Second half 2012 Herring Road Roads completion Early 2013 Construction completion 31
Slide 33: M1 Eastern Distributor
M1 EASTERN DISTRIBUTOR TOLL ESCALATION, CONTRACT MANAGEMENT DELIVER RESULTS • Strong toll revenue growth driven by % GROWTH EBITDA TOLL price increase TRAFFIC REVENUE EBITDA MARGIN • Continued growth in traffic in Sydney 3.0% 12.9% 22.2% 76.3% CBD M1 TOLL REVENUE GROWTH ANALYSIS • Plaza A and C now
Slide 34: Westlink M7
WESTLINK M7 STRONG GROWTH CONTINUING • Continued strong growth – southern % GROWTH EBITDA section of road reflecting high industrial Traffic TOLL REVENUE EBITDA MARGIN development 7.0% 10.3% 9.0% 79.8% • Western Sydney continues to deliver high employment and population growth WESTLINK M7 TOLL REVEN
Slide 35: M5 Motorway
M5 MOTORWAY FOCUS ON UPGRADE • Congestion evident % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Widening – resolution unlikely prior to REVENUE NSW State election 1.6% 3.2% (1.3%) 90.6% M5 TOLL REVENUE GROWTH ANALYSIS 4% 3.2% 0.1% 0.5% 3% 1.0% 2% 1.6% 1% 0% Traffic Toll Class mix Revenue Toll revenue
Slide 36: Pocahontas 895
POCAHONTAS 895 RICHMOND AIRPORT CONNECTOR OPENS • Traffic returning to positive growth % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Implemented new tolling system REVENUE • Richmond Airport Connector opened 2.9% 1.5% 178.7% 61.8% to traffic on 13 January 2011 – zero Lost Time Injuries during POCAHON
Slide 37: Capital Beltway
CAPITAL BELTWAY CONSTRUCTION PROGRESSING WELL, 57% COMPLETE WESTPARK BRIDGE CONNECTOR • Scheduled for on time and on budget completion – December 2012 • Significant construction progress for the six months to December – project more than 57% complete • Operations Centre progressing • Safety record o
Slide 38: Delivering
DELIVERING • Growth pipeline delivering • FY2011 benefits are being realised • M2 Upgrade construction has commenced • Capital Beltway construction progressing well • M5 widening discussions ongoing * Proportional toll revenue excluding the M4 37
Slide 39: Conclusion
CONCLUSION Operational excellence Portfolio enhancements New project opportunities 17% growth in EBITDA on Australia • LCT successfully integrated – continuing portfolio 65.5% operating margin • CityLink upgrade delivering – achieved Further cost reductions 15.4% revenue growth Free cash growth of 1
Slide 40: Appendix 1 – Detailed Financials
APPENDIX 1 – DETAILED FINANCIALS
Slide 41: Free Cash Flow
FREE CASH FLOW 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Cashflows from operating activities (Refer Group Statutory Accounts) 181.6 174.7 Add back: Payments for maintenance capital expenditure 15.3 10.8 Cashflows from operating activities – M1 Eastern Distributor and M4 (27.6) (56.9) Controlled cash 16
Slide 42: Statutory Profit and Loss
STATUTORY PROFIT AND LOSS 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Revenue Toll, fee and other revenue 399.8 396.6 0.8% Construction revenue 55.8 21.6 158.3% Business development and other revenue 7.9 10.2 (22.5%) TOTAL REVENUE 463.5 428.4 8.2% Road operating costs (89.6) (89.2) 0.4% Corporate costs (
Slide 43: Reconciliation – Statutory P&L to EBITDA December 2010
RECONCILIATION STATUTORY P&L TO EBITDA – 31 DECEMBER 2010 OFFSET OTHER CONSTRUCTION REALLOCATION STATUTORY NET BUSINESS $M REVENUE ACCOUNTING OF CAPITALISED OTHER TOTAL P&L DEVELOPMENT REALLOCATION DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 361.9 0.3 - - - - 362.2 Fee & other road revenue 37.9 (2
Slide 44: Reconciliation – Statutory P&L to EBITDA December 2009
RECONCILIATION STATUTORY P&L TO EBITDA – 31 DECEMBER 2009 OFFSET CONSTRUCTION REALLOCATION STATUTORY OTHER REVENUE NET BUSINESS $M ACCOUNTING OF CAPITALISED TOTAL P&L REALLOCATION DEVELOPMENT DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 363.3 - - - - 363.3 Fee & other road revenue 33.3 (0.6) - - -
Slide 45: Reconciliation – Statutory to Proportional EBITDA
RECONCILIATION STATUTORY EBITDA TO PROPORTIONAL EBITDA 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE STATUTORY EBITDA 293.4 288.4 1.7 Less: EBITDA attributable to Non-controlling Interest (9.1) (30.8) (70.5) Add: M5 proportional EBITDA 38.6 39.1 (1.3) Add: M7 proportional EBITDA 38.6 35.4 9.0 Add: Pocahont
Slide 46: Result by Asset – Consolidated December 2010
RESULT BY ASSET CONSOLIDATED ASSETS – 31 DECEMBER 2010 LANE COVE $M CITYLINK HILLS M2 TOLLAUST M1 ED ROAM OTHER TOTAL TUNNEL Revenue Toll revenue 217.9 74.0 23.2 - 46.9 - 0.2 362.2 Fee and other revenue 20.4 0.9 0.5 4.5 0.1 8.0 1.3 35.7 TOTAL REVENUE 238.3 74.9 23.7 4.5 47.0 8.0 1.5 397.9 Total cost
Slide 47: Result by Asset – Equity December 2010
RESULT BY ASSET EQUITY ASSETS – 31 DECEMBER 2010 M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Revenue Toll revenue 85.1 96.8 7.6 - - 189.5 Fee and other revenue 5.7 1.4 - - - 7.1 TOTAL REVENUE 90.8 98.2 7.6 - - 196.6 Total cost (13.7) (21.0) (2.9) - (2.9) (40.5) EBITDA 77.1
Slide 48: Result by Asset – Consolidated December 2009
RESULT BY ASSET CONSOLIDATED ASSETS – 31 DECEMBER 2009 $M CITYLINK HILLS M2 TOLLAUST M1 ED M4 ROAM OTHER TOTAL Revenue Toll revenue 193.5 71.5 - 41.5 56.8 - - 363.3 Fee and other revenue 18.3 0.2 4.2 0.1 0.5 7.4 2.0 32.7 TOTAL REVENUE 211.8 71.7 4.2 41.6 57.3 7.4 2.0 396.0 Total cost (47.9) (14.5) (
Slide 49: Result by Asset – Equity December 2009
RESULT BY ASSET EQUITY ASSETS – 31 DECEMBER 2009 M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Revenue Toll revenue 82.5 87.7 8.1 - - 178.3 Fee and other revenue 6.6 1.0 - - - 7.6 TOTAL REVENUE 89.1 88.7 8.1 - - 185.9 Total cost (11.0) (17.9) (6.1) - (3.1) (38.1) EBITDA 78.1
Slide 50: Proportional Result
PROPORTIONAL RESULT EXCLUDING CONTRIBUTION FROM M4 AND LANE COVE TUNNEL 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 423.8 387.3 9.4 Fee revenue 28.3 26.3 7.6 Other revenue 9.6 8.9 7.9 TOTAL REVENUE 461.7 422.5 9.3 Operating costs (96.6) (96.9) 0.3 Business development costs (7.6) (8.6) 11.6
Slide 51: Free Cash Flow Excl LCT and Equity Raising
FREE CASH FLOW FREE CASH EXCL LANE COVE TUNNEL AND 2010 EQUITY RAISING 31 DEC 10 ($M) ADJUST ADJUST 31 DEC 10 ($M) EXCLUDING LCT % GROUP FREE CASH ACTUAL LCT EQUITY RAISING AND EQUITY CHANGE ($M) ($M) RAISING Remove interest revenue Cashflows from operating activities (Refer 181.6 - (7.4) 174.2 gene
Slide 52: Finance Costs
FINANCE COSTS 31 DEC 10 31 DEC 09 $M $M Statutory net finance costs (excluding foreign exchange gains) (78.5) 1 (86.8) Less: M1 Eastern Distributor net finance (revenue)/costs attributable to non-controlling interest (3.0) 1.9 Add: M5 proportional finance costs (9.9) (7.1) Add: M7 proportional finan
Slide 53: Finance Costs – Cash Based Interest Charges
FINANCE COSTS CASH BASED INTEREST CHARGES PROPORTIONAL STATUTORY 31 DEC 10 31 DEC 09 CHANGE 31 DEC 10 31 DEC 09 CHANGE $M $M % $M $M % Debt interest expense – cash (189.9) (174.5) 8.8% (116.1) (107.0) 8.5% Debt interest expense – accretion (39.1) (38.8) 0.8% (39.1) (38.8) 0.8% Net RIBS and I-bonds 2
Slide 54: Taxation
TAXATION STATUTORY AND PROPORTIONAL 31 DEC 10 31 DEC 09 STATUTORY TAX PAID INCLUDES $M $M M1 Eastern Distributor (32.2) (29.7) M4 (0.6) (16.7) Westlink holding companies (3.3) (2.4) TOTAL (36.1) (48.8) 31 DEC 10 31 DEC 09 PROPORTIONAL TAX PAID INCLUDES $M $M M1 Eastern Distributor (24.2) (22.3) M4 (
Slide 55: Maintenance Expense
MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS PROFIT AND LOSS 31 DEC 10 ($M) 31 DEC 09 ($M) CityLink 3.9 4.7 Hills M2 0.3 1.0 Lane Cove Tunnel 1.9 - M1 – Eastern Distributor 1.4 1.7 M5 – Interlink 1.2 (1.3) M7 – Westlink 3.7 3.2 Pocahontas 895 0.6 3.3 CASH SPEND 31 DEC 10 ($M) 31 DEC 09 ($M) CityL
Slide 56: Appendix 2 – Detailed Treasury and Funding
APPENDIX 2 – DETAILED TREASURY AND FUNDING
Slide 57: Group Drawn Debt December 2010
GROUP DRAWN DEBT 31 DECEMBER 2010 TRANSURBAN CORPORATE DEBT AUD ($M) USD ($M) Working capital lines1 - 37 Term bank debt 600 - US Private Placements 1,312 153 Domestic unwrapped bonds 550 - Domestic wrapped bonds 600 - TOTAL 3,062 190 NON RECOURSE (AUD $ MILLION) ASSET DEBT OWNERSHIP PROPORTIONAL La
Slide 58: Group Drawn Debt December 2010
GROUP DRAWN DEBT 31 DECEMBER 2010 GROUP 31 DEC 2010 30 JUN 2010 MOVEMENT EXPLANATION3 DEBT AUD1 Corporate 3,062 3,044 +18 Movement in 2006 USPP ($12m accreting USPP and an adjustment to cross currency swaps impacting the AUD converted value) Non recourse (proportional) 2,014 1,732 +282 $260m Lane Co
Slide 59: Key Debt Metrics
KEY DEBT METRICS 31 DECEMBER 2010 30 JUNE 2010 TRANSURBAN NON TRANSURBAN NON CORPORATE CORPORATE GROUP RECOURSE GROUP RECOURSE Weighted average maturity (years)1 9.3 yrs 5.6 yrs 12.2 yrs 10.2 yrs 6.1 yrs 13.4 yrs Weighted average cost of AUD debt 7.0% 6.7% 7.4% 6.9% 6.6% 7.4% Weighted average cost o
Slide 60: Corporate Debt Maturities
CORPORATE DEBT MATURITIES As at 31 December 2010 700 Working Capital Facility AUD million (equivalent if USD) 600 Term Bank Debt Unwrapped Bonds 165 Wrapped Bonds 500 US Private Placement AUD US Private Placement USD 375 400 270 129 300 300 200 136 300 300 230 250 240 100 219 206 128 125 151 100 89
Slide 61: Non-Recourse Debt Maturities
NON-RECOURSE DEBT MATURITIES As at 31 December 2010 M7 Westlink Term Bank Debt Pocahontas TIFA Funding M5 Term Bank Debt Pocahontas Term Bank Debt 1,400 M2 Hills Term Bank Debt Capital Beltway TIFIA Funding M1 Term Bank Debt Capital Beltway Letter of Credit 1,200 - Lane Cove Tunnel Term Bank Debt Ca
Slide 62: • Click to edit Master text styles − Second level
• Click to edit Master text styles − Second level > Third level 61