The wheels on the bus go round and round, and so do debt market cycles.

Street Talk can reveal Victoria's biggest bus company Ventura Bus Lines is in the market for a $400 million refinancing with the help of Grant Samuel.

It is understood the deal has been structured as a senior, secured loan and has already been pitched to the banks and other credit investors.

Ventura Bus Lines is believed to be in the market for a $400 million-odd new debt facility.

It's expected to see major lender ​Intermediate Capital Group significantly reduce its exposure to the bus and coach operator, with Ventura said to be in advanced negotiations with a number of new faces to the syndicate.

A deal is on track to be signed before March, sources said.