Australia's QR National has completed the acquisition of some A$3 billion worth of loans from 11 banks before its planned initial public offering, the company said in statement today.

The country's biggest rail freight provider run by the state government of Queensland said in an emailed statement that said loans with a revolving floating rate will bankroll its capital investments in the near term.

The banks that issued the loan facilities includes Bank of America N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd, Commonwealth Bank of Australia,National Australia Bank Limited, Westpac Banking Corporation, Australia and New Zealand Banking Group Ltd, BOS International (Australia) Limited, Mizuho Corporate Bank, Ltd, Sumitomo Mitsui Banking Corporation, Credit Suisse AG and Goldman Sachs Lending Partners LLC.

Chief Financial Officer Ms Deborah O'Toole said in the statement: The loan facility will "allow QR National to start life as a listed company with a strong relationship banking group. Increased investment in infrastructure is necessary to meet demand, particularly from the resources sector."

Ms O'Toole noted that this is an important milestone before their IPO and listing in the ASX.

It was explained that part of the loan worth A$1.425 billion will mature in three years and a A$1.575 billion has a five-year maturity.

QR National is Australia's largest rail freight company with services operating across five states. In 2009/10, QR National transported more than 260 million tonnes of freight, including coal, iron ore, other minerals, agricultural products and general freight. It also operates and manages the 2300 kilometre Central Queensland coal network that links mines to coal ports at Bowen, Mackay and Gladstone.