KWM has advised Reliance Rail in refinancing its existing bank debt facilities with a 21-year Green Sustainability-Linked Loan (GSLL). Reliance Rail is a Public Private Partnership (PPP) with the NSW Government established to design, manufacture and maintain the largest single procurement of passenger trains in Australian history.
One of the first of its kind in the Asia Pacific market, the A$1.8 billion loan is also certified as a ‘Green Loan’ by the Climate Bonds Initiative under its Low Carbon Transport Criteria. The GSLL highlights Reliance Rail’s ambitious ESG strategies and commitment to sustainability improvement. The long-dated loan term of 21 years also eliminates potential future refinancing risk on their current project.
The KWM team was led by Partner Andrew Maynes and Special Counsel Brendan Smith, with support from Senior Associate Adam Drawbridge and Solicitor Jade Chow.
Commenting on the transaction, Andrew Maynes noted “it was fantastic to have been able to assist Reliance Rail with this market leading 21 year green and sustainability linked loan that not only has positive ESG outcomes but has also eliminated refinancing risk for the project."
