King & Wood Mallesons assists WestConnex’s $4.2bn refinancing

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King & Wood Mallesons (KWM) is pleased to have advised WestConnex on the negotiation of $4.2bn of new non-recourse debt.

The funds comprise A$3.0 billion of bank term debt facilities with tenors of 3, 5 and 7 years, and a A$1.2 billion 2-year bridge facility.

The proceeds of the financing will be used to refinance $4.0 billion of existing bank debt facilities established at the time of Sydney Transport Partners' acquisition of its 51% equity stake of WestConnex in 2018, as well as funding associated transaction costs.

The KWM team advising WestConnex was led by Partner Claire Rogers and supported by Senior Associates Amy Maguire and Stuart Alexander, and Solicitor, Lily Rayment.

Commenting on the transaction, Claire Rogers said:

"It is rewarding to bring together a financing package that delivers a substantial reduction in WCX's financing costs.

"The strong market response to this opportunity is a sign of the WestConnex businesses' strength and is also a positive indicator of lender confidence moving into 2021."

Financial Close occurred on 18 December 2020.