Recent project finance work includes:
Worsley multi-fuel cogen project
Allens advised the borrowers and sponsors of a project financing facility to
fund the construction and operation of a multi-fuel cogen power project in
Worsley, Western Australia, closed late last year in the midst of the worsening
global financial crisis. The funding took the form of an A$735m of Syndicated
Senior Debt and an innovative mezzanine debt of A $145 million in the form of
'Preferred Return Instruments'.
Montara project
Allens advised TCW Asset Management Company's Energy & Infrastructure Group in
respect of a US$140m (subsequently increased to US$200m) secured subordinated
note facility provided to Coogee Resources to enable it to restructure its
existing subordinated debt and provide additional funding for the Montara
offshore oil project.
Royal Children's Hospital, Melbourne
Advised Babcock & Brown, on the finance and equity aspects of its role as the
sponsor of the consortium for the A$1.452 billion Royal Children's Hospital PPP.
Allens also advised BNY Trust as the security trustee, bond trustee, guarantee
trustee, agent and registrar to the project.
Bluewaters power station
Advised the sponsors, Griffin Group, on the A$1.8 billion financing of the
Bluewaters 1 & 2 Power Stations, in Western Australia. This deal was awarded
PFI's 'Australian Deal of the Year'.
Phu Kham copper and gold project
Advised the senior lenders on the financing of the US$207 million development of
the Phu Bia gold heap leach project and the Phu Kham copper and gold project, in
Laos.
Newcastle coal terminal
Advised the senior and junior lenders on the A$1.5 billion financing of a new
coal loading and port facility in Newcastle, New South Wales. This deal was
awarded PFI's 'Asia-Pacific Infrastructure Deal of the Year 2008'.
Alinta acquisition
Advised the mandated lead arrangers on a A$2.099 billion finance package for
subsidiaries of Babcock & Brown Power and Babcock & Brown Infrastructure for the
approximately A$8.1 billion acquisition of Alinta Limited, by a consortium of
Babcock & Brown entities and Singapore Power.
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Sydney Airport
Advised the senior debt arrangers on the Southern Cross Consortium's A$5.6
billion acquisition of Sydney Airport and subsequent refinancing. We also acted
for MBIA as credit wrapper of a A$1.5 billion MTN issue and of A$1.045 billion
of loan notes and Capital Indexed Bonds and Medium Term Notes valued at A$2.871
billion (including an innovative issue of Partly Paid Medium Term Notes).
Hope Downs iron ore project
Advised Rio Tinto's, Hamersley Iron, on its purchase of a 50 per cent share
in the Hope Downs iron assets in the Pilbarra Region, WA, from Hancock
Prospecting. The A$2 billion project comprised multiple layers of senior and
subordinated debt and a loan facility.
Dampier to Bunbury Natural Gas Pipeline (DBNGP)
Acted for DBNGP Finance, as dealers in the note program and senior financiers in
the senior debt facilities, in the A$1.23 billion DBNGP refinancing. This
followed our acting for the Macquarie Bank-led Alinta/Alcoa/DUET consortium on
the A$1.8 billion acquisition.
Loy Yang A power station
Advised the 10 lead arrangers on the refinancing and syndication of Loy Yang A's
A$2.36 billion senior debt. This was awarded 'Project Finance Deal of the Year'
by FinanceAsia. This follows our role advising the vendors on the A$3.48 billion
sale, the restructuring financing arrangements worth A$2.65 billion as an
essential precondition, and on ACCC issues.
Alinta wind farm
Acted for BNP Paribas and CBA as joint lead arrangers in a A$216 million project
financing for the development of Renewable Power Ventures' Walkaway Windfarm.
The 89.1 MW wind farm is the largest of its kind to be project financed in
Australia.
Seoul-Chuncheon Expressway
Advised Macquarie Korea Infrastructure Fund on all aspects of the design and
construction contract for the concessionaire with the construction company
consortium for the construction of a US$1.4 billion tollroad between Seoul and
Chuncheon.
Sino Gold Jinfeng gold project
Acted for Standard Bank London and Bayerische Hypo- und Vereinsbank AG as lead
arrangers on a US$95 million gold mine development in Guizhou, China.
Westlink Motorway M7
Acted for the financiers to Westlink Motorway, the operator of the A$2.23
billion Westlink M7, on the A$1.25bn refinancing. Westlink refinanced its term
loan with an interest-only facility.
Milmerran power station
Retained by Millmerran Power Management to provide legal advice to the joint
lead arrangers and underwriters of the A$1.025 billion refinancing of the
Millmerran power plant in Queensland, funded by an 11-bank syndicate.
