Highlights

• Ampol shares rose 0.98% to AUD 32.90 during the morning session on 26 June 2026.

• The company announced a new AUD 400 million delayed-draw subordinated notes facility.

• The facility is designed to refinance hybrid securities due in 2027 and 2028 while supporting long-term capital management.

• Ampol has already secured binding underwriting commitments covering the full AUD 400 million facility.

• The subordinated notes are expected to receive 50% equity credit from Moody's Investors Service, consistent with Ampol's existing hybrid securities.

Ampol Limited (ASX:ALD) shares traded higher during the morning session on 26 June 2026, rising 0.98% to AUD 32.90 after the company announced a new AUD 400 million delayed-draw subordinated notes facility as part of its ongoing capital management strategy. The latest gain adds to the company's favourable longer-term performance, with Ampol shares remaining approximately 29.78% higher over the past year.

The latest announcement was centred on financing rather than day-to-day operations, outlining how Ampol intends to strengthen its funding profile while maintaining flexibility for future refinancing requirements. The proposed facility builds on similar transactions completed in late 2025 and forms another step in the company's broader capital management framework.

Company Overview

Ampol Limited is one of Australia's transport energy providers, supplying fuels, lubricants and convenience products across the country. The company operates an integrated business spanning refining, importing, distribution and retail fuel operations while also expanding into electric vehicle charging and home energy solutions.

Its customer base includes approximately 80,000 commercial customers across industries such as mining, defence, transport, aviation, agriculture and marine. Through its retail network, Ampol serves around three million customers each week. The company's national infrastructure includes one refinery at Lytton in Queensland, 16 fuel terminals, six pipelines, 55 wet depots and more than 1,800 branded sites, supported by more than 8,300 employees across Australia and overseas.

New Funding Facility Expands Capital Management Options

Ampol announced that it has commenced a wholesale offering for a new AUD 400 million delayed-draw subordinated notes facility. According to the company, the proposed facility is intended to provide committed long-term funding while allowing flexibility regarding the timing of future note issuances.

Unlike a conventional debt raising where proceeds are drawn immediately, the delayed-draw structure allows Ampol to access funding when required over an extended period. This approach provides flexibility while securing investor commitments and pricing upfront.

The facility will be issued as a single series comprising two separate tranches. The first tranche totals AUD 250 million, while the second accounts for AUD 150 million.

Under the proposed structure, the first tranche will remain available until 31 March 2027, representing an availability period of approximately nine months. The second tranche will remain available until 30 June 2028, providing around 24 months of availability, subject to customary closing conditions and the notes receiving an investment-grade credit rating.

Facility Supports Upcoming Hybrid Refinancing

A key objective of the transaction is refinancing existing subordinated securities scheduled to become callable over the next two years.

Ampol intends to allocate AUD 250 million from the new facility towards partially refinancing subordinated notes callable in March 2027. When combined with the AUD 500 million delayed-draw subordinated notes facility established in December 2025, management expects the March 2027 hybrid securities to be fully refinanced.

The remaining AUD 150 million is intended to refinance sustainability-linked subordinated notes callable in June 2028.

The company noted that proceeds may also be applied for general corporate purposes where appropriate, consistent with its existing Capital Allocation Framework.

Rather than raising funds significantly ahead of refinancing requirements, the delayed-draw structure enables Ampol to align future funding with scheduled maturity timelines while retaining flexibility over the timing of issuance.

Building on Previous Financing Initiatives

The latest announcement represents another step in Ampol's ongoing capital management programme rather than a standalone transaction.

In October 2025, the company successfully completed an issuance of AUD 500 million in subordinated notes. That was followed by a separate AUD 500 million delayed-draw subordinated notes facility announced in December 2025.

The newly proposed AUD 400 million facility extends that approach by continuing to utilise delayed-draw financing designed to provide funding certainty while allowing capital to be accessed only when required.

Management indicated that prevailing market conditions presented an appropriate opportunity to secure long-dated capital for future refinancing initiatives.

Investor Support Secured Before Market Launch

Before commencing the broader institutional offering, Ampol received binding underwriting commitments covering the full AUD 400 million facility from a cornerstone institutional investor group.

Following those commitments, the company opened the offer to additional eligible institutional investors.

The wholesale offer is expected to close on or around 9 July 2026, subject to customary conditions.

The company also confirmed that the subordinated notes are not being offered to retail investors. Instead, participation is restricted to qualifying institutional investors in accordance with Australian regulatory requirements and applicable international securities laws.

Delayed-Draw Structure Provides Additional Flexibility

One distinguishing feature of the proposed financing arrangement is its delayed-draw design.

Instead of requiring immediate issuance, Ampol may choose when to issue each tranche during the respective availability periods.

This provides management with flexibility around market timing while preserving committed access to funding.

The facility also allows cancellation of either the entire facility or the second tranche, subject to payment of a cancellation fee, offering another degree of financial flexibility depending on future funding requirements.

According to Ampol, investor commitments and pricing are fixed upfront despite the delayed issuance schedule, allowing funding certainty while preserving optionality.

Long-Dated Notes Extend Funding Profile

The subordinated notes have been structured as long-term securities.

Following the initial issuance, the notes will carry a non-call period of 12 years.

After that period, Ampol will have the option to redeem the securities at par on designated interest payment dates or earlier under certain specified circumstances.

If not redeemed earlier, the subordinated notes will mature in 2058.

Interest will initially be paid semi-annually at a fixed rate determined using the relevant mid-swap rate plus an agreed margin during the first 12 years.

After the initial fixed-rate period, interest will transition to a floating-rate structure based on three-month Bank Bill Swap Rate (BBSW) plus a stepped-up margin, with quarterly interest payments thereafter.

The notes also contain provisions allowing Ampol to defer interest payments for up to five years under specified circumstances.

Credit Treatment Remains Consistent

Ampol expects the subordinated notes to receive 50% equity credit from Moody's Investors Service.

This treatment is consistent with the company's existing subordinated notes and reflects the hybrid characteristics of the securities.

Receiving partial equity credit may assist the company in maintaining an appropriate balance between debt and equity within its capital structure while continuing to access long-term funding.

Management Highlights Market Conditions

Group Chief Financial Officer Greg Barnes said the company was pleased to launch another delayed-draw financing facility after successfully using the same structure during the December 2025 transaction.

He noted that current market conditions remain favourable for securing long-term capital linked to future hybrid refinancing initiatives.

According to Barnes, the delayed-draw structure provides flexibility regarding issuance timing, future use of proceeds and cancellation rights, while reinforcing Ampol's proactive approach to capital management.

His comments highlighted management's objective of securing funding well ahead of refinancing deadlines while maintaining flexibility around future capital decisions.

Why Investors Responded Positively

Although the announcement did not involve earnings, production or operational performance, investors appeared to respond positively to Ampol's continued focus on capital management.

The company has outlined a structured refinancing plan covering hybrid securities callable in both 2027 and 2028 while securing underwriting commitments for the entire AUD 400 million facility before the broader institutional offer commenced.

The delayed-draw design also allows Ampol to preserve flexibility regarding funding timing rather than drawing capital immediately.

Combined with long-dated maturities extending to 2058 and consistency with previous financing initiatives completed during 2025, the announcement reflects the company's ongoing approach to managing its long-term funding profile.

For investors, the update demonstrates continued execution of Ampol's capital management strategy while supporting future refinancing requirements without altering the company's broader operational focus.