King & Wood Mallesons advised WestConnex on the negotiation of $4.2bn of new non-recourse debt. Allens has advised the lenders.
The $4.2 billion of new non-recourse debt comprises $3 billion of bank term debt facilities with tenors of three, five and seven years, and a $1.2 billion two-year bridge facility. The interest rate exposure on the term debt facilities will be fully hedged.
Along with refinancing WestConnex’s debt in respect of its M4 Asset, the refinancing restructures the previous debt structure by introducing a group funding platform to which other WestConnex assets could be added in future.
The KWM team was led by Partner Claire Rogers (picture) and supported by Senior Associates Amy Maguire and Stuart Alexander, and Solicitor, Lily Rayment.
The Allens team included Michael Ryan (lead Partner), Alex Tonkin (Senior Overseas Practitioner), Lorena Belbruno (Lawyer) and Tom Harrison (Lawyer).
Law Firms: King & Wood Mallesons;
Clients: WestConnex Delivery Authority (WDA);