Project Finance
Experience
To view our experience in the sector that interests you, click on any of the sub-headings below:
Energy
Resources
Transport
Health
Telecommunications
Sport and entertainment
Water
Forestry
Energy
To view our experience in the sector that interests you, click on any of the sub-headings below:
Energy
Resources
Transport
Health
Telecommunications
Sport and entertainment
Water
Forestry
Energy
- We advised InterGen on all aspects of the development and financing of the 840 MW coal-fired power station located at Millmerran, Queensland, with associated coal mine, transmission line interconnection and water supply works. This included advice on property development, infrastructure, project financing, native title, permitting and licensing, and general commercial and environmental issues. This project (valued at $1.462 billion) was voted the world's largest project-financed merchant power plant, winning the 1999 Project Finance International Asia Pacific Power Deal of the Year.
- We acted for the ANZ bank consortium in the $1.130 billion senior secured limited-recourse facility for Yallourn Energy.
- We acted for NRG Asia-Pacific Ltd in its $465 million purchase of the assets and liabilities of Flinders Power Station, including project financing and all associated project documents.
- We acted for the joint lead arrangers (UBS Australia Ltd, Citibank NA, Commonwealth Bank of Australia and Societe General Australia Ltd) in the debt financing of the acquisition of Hazelwood Power. This $1.325 billion project financing was based on complex cross-border ownership and financing structures, with partnership and limited partnership as key project vehicles.
- We acted for the European and Australian lead arrangers (Deutsche Bank AG, Chase Manhattan, Westpac, Commonwealth Bank of Australia and SG Australia) of an $2.2 billion non-recourse bond issue to re-finance the acquisition by Cheung Kong Infrastructure and Hong Kong Electric International of ETSA Utilities, the recently privatised South Australian distribution business.
- We acted for Ranger Exploration Limited on the US$70 million cash facility and associated hedging facilities provided by NM Rothschild & Sons (Australia) Ltd, ABN AMRO Australia Ltd and Dresdner Bank AG, to refinance the development funding for the Abosso Gold project in Ghana.
- We acted for the borrowers and project sponsors for the Bengalla project financing, a large-scale project financing in the Hunter Valley, New South Wales. This will be a six-million-tonnes-per-annum mine producing coal primarily for the Asian markets. We acted for Peabody Resources and Wesfarmers (the two largest joint venturers) in structuring, negotiating and drafting all finance and related documentation, security trusts, stamp-duty-efficient security, sponsor support documents and a hedging document.
- We acted for the successful Transurban consortium in relation to the $1.7 billion Melbourne City Link project, at the time Australia's largest privately funded infrastructure project (1996 Euromoney Finance Deal of the Year). We provided project finance advice, including advice relating to the debt and equity documents.
- We advised the New South Wales Government and the Department of Transport on all aspects of the original Very Fast Train proposal between Sydney and Canberra, including drafting (in conjunction with parliamentary counsel) the Very Fast Train (Investigation of Route) Act 1989. We also acted for the Thyssen Transrapid consortium on all aspects of its bid to develop and operate the Very Fast Train using magnetic levitation technology. The consortium was one of four shortlisted to bid for the project.
- We recently advised the ANZ, BNP consortium providing finance for the Brisbane Airtrain project. The project involves an electric train line linking the Brisbane Airport with the city and the Gold Coast, including the construction of a new spur line from Eagle Junction to Brisbane Airport, station upgrade, and ongoing operation and maintenance. Our involvement included reviewing and providing advice on all relevant legislation (including specific amendments to the Transport Infrastructure Act 1994), tenure issues, and project and construction documentation. We have also been acting for Hyder, a substantial equity investor in the project. This has involved carrying out a complete due diligence of the project.
- We acted for the project vehicle on the debt and equity investment matters in relation to the Victorian hospitals cogeneration project (a series of cogeneration projects in various Victorian hospitals), including Australia's first issue of tax-exempt infrastructure bonds.
- We acted for the ABN AMRO banking syndicate on the $1.2 billion financing of the Optus Communications group.
- We acted for ABN AMRO on the structured bond financing of the Brisbane to Cairns fibre optic cable network.
- We acted for the Deutsche Bank consortium financing the NextGen $700 million Perth through Adelaide to Sydney fibre optic cable project.
- We are advising JP Morgan Chase and other institutions on the financing of the $350 million roll out of NTL's national transmission network.
- We acted as lawyers to the consortium selected to build, own, operate and transfer Stadium Australia at Sydney Olympic Park, Homebush, the main venue for the Sydney 2000 Olympic Games. The project comprised negotiating the franchise to build, own and operate the Stadium; construction documentation; debt financing; packaging stapled securities (comprising units in an infrastructure trust and shares in the operator) with club membership rights and Olympic ticket entitlements; issuing prospectuses; and listing of the securities.
- We acted for the Leisure Wide Trust on the $100 million acquisition on behalf of Macquarie Bank of Dreamworld and other leisure properties.
- We acted for the Lend Lease, Lyonnaise des Eaux Dumez and P&O consortium selected for the Sydney Water Board's $240 million BOOT development and financing of the Prospect Water filtration plant in New South Wales. We drafted or reviewed all documentation for this project, the largest water treatment plant to date in the Southern Hemisphere.
- We acted for a shortlisted consortium tendering for the privatisation of Adelaide's water system and the BOOT construction of treatment plants outside Adelaide, and negotiated all draft project agreements.
- We are advising Gunns in their bid for North Forest Products (an asset valued at more than 200 per cent of Gunn's market capitalisation). We are also advising the providers of subordinated debt and the equity underwriters to Gunns.
- We acted for the Victorian Government in the trade sale of Victorian Plantations Corporation. This trade sale was valued at $550 million.