Westpac, CBA, ANZ provide fuel for TransGrid strike

Three Australian banks and about half-a-dozen offshore lenders have backed Hastings Funds Management and Spark Infrastructure's $10.3 billion bid for TransGrid, putting forward a large senior debt package that underpinned the offer.

It's understood ANZ Banking Group, Commonwealth Bank of Australia and Westpac Banking Corp teamed up with North American banks JPMorgan, Royal Bank of Canada, Scotia, Singapore's DBS Bank and UOB and France's Natixis stepped up as the consortium's senior lenders.

The lenders stumped up a $5.5 billion debt package which is expected to be refinanced in bond markets early in the new year.

It's understood the $10.258 billion winning bid, revealed by Street Talk Online on Wednesday, comprised close to $4.8 billion equity, for gearing at a relatively conservative 54 per cent.

The equity was split between Spark (15.01 per cent), Hastings Funds Management's Utilities Trust of Australia (20.02 per cent), Caisse de dépôt et placement du Québec (24.99 per cent), Tawreed Investments Limited (19.99 per cent) and Wren House Infrastructure (19.99 per cent).

JPMorgan and RBC, two of the lenders, were also the group's financial advisers and are running Spark's associated equity raising. CBA is also involved in the equity deal.