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The new facility refinances an existing $200 million facility maturing in April 2021, and provides additional liquidity of $300 million.
Downer has also reached agreement with its lenders to extend the maturity date of $130 million of bilateral debt facilities that were maturing in the next 12 months to the 2022 and 2023 financial years.
The company now has no debt maturing in the 2020 financial year or in the first half of the 2021 financial year.
Debt maturing in the second half of the 2021 financial year is now less than $200 million, or just 6% of Downer's total debt portfolio.
"Downer appreciates the support from its long-term relationship banks in providing the new facility," chief financial officer Michael Ferguson said.
"It will further bolster the group's strong liquidity position and enhance the financial strength and flexibility of the Downer Group."
Last month, the company withdrew its FY20 earnings guidance due to COVID-19 and deferred the payment of its $83 million interim dividend until September.
The company also suspended the sale of its mining services division.
At the end of December, Downer reported cash of $515 million and committed undrawn facilities of $1.14 billion. Downer is rated BBB (stable) by Fitch Ratings.
Shares in the company were up 1.3% to $3.85. The stock started the year at over $8.
