AGL Energy Limited Annual Report 2011 119 Details of major fi nancing facilities Guaranteed Senior Notes  – US$300.0 million (2010: US$nil) of senior notes were issued by AGL Energy Limited in the US private  placement market in September 2010. The issues comprised US$165.0 million and US$135.0 million of fixed rate notes maturing in  September 2022 and September 2025 respectively. The notes were converted back to A$337.8 million through cross currency interest  rate swaps. The carrying value of the notes as at 30 June 2011 was $274.4 million. Syndicated Subscription Facility  – $886.7 million (2010: $886.7 million) fully underwritten facility provided by a syndicate of international  banks. The borrower under this facility is AGL Energy Limited. The facility matures in October 2011. As at 30 June 2011 the facility was  fully utilised. Revolving Syndicated Facility  – $nil (2010: $600.0 million) facility provided by a syndicate of international banks. This facility was  cancelled by AGL Energy Limited in September 2010. Bilateral Facility Agreements  – $485.0 million (2010: $575.0 million) fully underwritten facilities provided by three (2010: four) Australian  banks. The borrower under these facilities is AGL Energy Limited. These facilities are used for the issuance of bank guarantees. Of these  facilities, $385.0 million matures in October 2011 and $100.0 million matures in December 2011. As at 30 June 2011, $nil (2010: $nil) was  utilised as borrowings and $446.3 million (2010: $459.4 million) of bank guarantees were issued. Subsequent to the year end, AGL Energy Limited entered into a $1.0 billion syndicated loan facility, comprising of a $600.0 million 3 year  term loan tranche and a $400.0 million 5 year revolving tranche. The funds will be partially used to refinance $886.7 million of existing  debt, due for repayment in October 2011, and provide additional funding for the consolidated entity’s capital expenditure program. Refer  Note 53 for further details. Subsequent to the year end, AGL Energy Limited also entered into a $200.0 million loan agreement with EKF, the Danish export credit  agency. The funds will be used to partially fund the consolidated entity’s 50% interest in the construction of the Macarthur Wind Farm.  Refer Note 53 for further details. Note 51 – Economic dependency (a) The consolidated entity is dependent to a significant extent upon various consortia of producers for the supply of natural gas from the  Cooper Basin in South Australia, the Gippsland Field in Bass Strait and the Surat/Bowen Basin in Queensland. Long-term contracts  protect the continuity of supply from these producers.  The consolidated entity has an obligation to pay the consortia of producers for a specified minimum quantity of gas each contract year,  irrespective of the quantity actually supplied by the producers. The consolidated entity has the right to receive, without additional  payment to the producers, a future delivery of gas equivalent to the quantity paid for but not taken in any contract year. (b) The consolidated entity is dependent to a significant extent on the acquisition of electricity from generating entities and the use of  transmission systems. Ongoing contracts are in place both for the purchase of electricity and the use of the transmission systems.