Westralia Airports Corporation (WAC), the owner and operator of Australia’s Perth Airport (PER), has announced procurement of $740m in debt finances to aid its expansion plans.

Eight banks from Asia, Australia and Europe are providing the funds, while the company stakeholders offered $142m for the expansion.

The debt finances are expected to be used to refinance existing bank debts and to fund the airport’s capital expenditure over the next three years.

The capital expenditure includes the construction of a new domestic terminal, expanding the current domestic and international terminal, refurbishing the domestic terminal and providing a new airport road link.

A public road link to connect the international and domestic terminals is also planned.