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On Dec. 9, Genesee & Wyoming Inc. announced its half-owned subsidiary Australian Railroad Group (ARG) recently restructured its debt by closing on senior-credit facilities totaling $382 million. ARG officials decided to refinance all the company's debt because of Australia's attractive credit-market conditions, according to a prepared statement.

ARG's debt now comprises a $144 million revolving loan maturing in 2008, $87 million term loan maturing in 2008, $144 million term loan expiring in 2010 and a $7 million working-capital facility.

Lenders Australia and New Zealand Banking Group Ltd., National Australia Bank Ltd., BNP Paribas, Sumitomo Mitsui Finance Australia Ltd. and Mizuho Corporate Bank Ltd. are providing the credit facilities.

By drawing $360 million from the credit facilities and $61 million in cash, ARG recently repaid $421 million of outstanding debt.

Next year, officials expect ARG's annual interest expense to decrease $3.2 million because of the credit facilities' reduced borrowing costs and fee amortization.