“We have now secured long-term funding for the growth of our coal haulage business in Queensland and the Hunter Valley, and delivered on our commitment to our security holders to refinance our debt facilities and address our 2010 maturities during the current half year,” Asciano managing director Mark Rowsthorn said.

“Looking ahead, we will move proactively to expand our access to markets, diversify our funding and lengthen our maturity profile in advance of our next debt maturity in May 2012.”

The deal means the rail provider will have no debt due for two-and-a-half years.

Asciano’s new debt facilities comprise a $A500 million revolving credit facility maturing in December 2013, a $140 million working capital facility maturing in December 2013, and a $500 million term loan facility maturing in December 2014.

“With over $800 million in cash and committed undrawn facilities, we have significant financial flexibility to pursue our strategy,” Rowsthorn said.

Despite the breathing space the refinancing will provide, Asciano will not pay a dividend to shareholders.