Allens advises lenders on Westlink M7 refinancing

Allens has advised the lender group in the $1.27 billion refinancing of Westlink M7 motorway in Sydney, New South Wales.

Allens advised a large group of Australian and international banks on the refinancing of the road, which is 50 per cent owned by Transurban, 25 per cent owned by QIC on behalf of its clients, and 25 per cent owned by Canada Pension Plan Investment Board.

The new $1.27 billion debt facilities have been provided by Australia and New Zealand Banking Group Limited, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Credit Agricole CIB, Export Development Canada, National Australia Bank Limited, Royal Bank of Canada, Scotiabank, Sumitomo Mitsui Banking Corporation, and Westpac Banking Corporation.

Financial close took place on 11 August.

Melbourne-based Partner Michael Ryan led the Allens team on the matter.

Mr Ryan noted that Allens had previously acted for the financiers on the initial project financing in 2003 and on each successive refinancing in 2005, 2010 and 2012.

'Following on from our recent involvement in advising the lender groups on the Queensland Motorways acquisition financing and the acquisition facilities for the Cross City Tunnel, the Westlink M7 refinancing has made it a busy few months for our team in the tollroad sector,' he said.

'We are delighted to have been able to assist the lender group and the Sponsors on the first complete refinancing of the debt facilities since 2005 on such a key asset in the Sydney orbital road network.

He added: 'It is a testament to the commitment of the Sponsors and their lender group, coupled with the strength and growth profile of the Westlink M7, that such a significant refinancing could be conducted during what has been a very active time in the Australian infrastructure sector.'

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