King & Wood Mallesons ("KWM") is pleased to have advised WestConnex on the establishment of an Australian Medium Term Note ("AMTN") programme and issuance. The issuance was a 10-year fixed rate senior secured bond for $650m – one the largest 10-year issuances in the domestic market's history. Pricing was completed on 23 March 2021 and settlement of the notes occurred on 31 March 2021. The notes will rank equally with WestConnex's existing senior secured debt.
Commenting on the transaction, Tim and Claire said: "Congratulations to WestConnex, its shareholders, the JLMs and the investors. We are delighted to have once again worked with WestConnex, this time on its inaugural issuance into the debt capital markets. This transaction will represent a significant achievement in the financing history of WestConnex, which will be one of Australia's premier borrowers/issuers for many years ahead."
KWM has acted for WestConnex on its financing since the Sydney Transport Partners Consortium acquired a 51% equity stake of WestConnex in 2018, including advising on their A$4.2 billion refinancing in December 2020.