Ampol secures A$500m in subordinated notes for growth

Ampol Limited announced the successful closure of a A$500 million delayed-draw subordinated notes facility on December 19, 2025. This wholesale offering garnered support from existing hybrid investors, including a cornerstone investment from credit funds and accounts managed by Apollo Global Management.

The facility features an innovative delayed-draw mechanism, providing Ampol with fully committed, long-dated funding and the flexibility to issue the subordinated notes in up to two tranches of A$250 million each. The availability period extends to January 31, 2027. Net proceeds are earmarked for Ampol's proposed acquisition of EG Australia and future hybrid refinancing, or general corporate purposes aligned with Ampol's capital allocation framework.

Greg Barnes, Ampol's group chief financial officer, highlighted the transaction as an important milestone for the EG Australia acquisition and proactive capital management. Brigitte Posch of Apollo noted their pride in supporting Ampol with this innovative solution, building on their 2022 relationship.