Deal: A large syndicate of Australian and international banks have been advised in connection with the refinancing of Ausgrid’s senior bank facilities.

Value: $1.53 billion

Area: Banking, projects

Key players: The Gilbert + Tobin team was led by banking and projects partner John Schembri, with support from lawyers Erin Cartledge, Mark Nichol and Yuka Nagata.

Deal significance: Ausgrid is the largest distributor of electricity on Australia’s east coast, servicing 1.7 million customers in Sydney, the Hunter and the Central Coast.

As per a statement from Gilbert + Tobin, the transaction, which involved the establishment of a new common terms deed platform and the renegotiation of terms applying to an additional $3.18 billion of senior bank facilities, “demonstrates Ausgrid’s ability to achieve highly competitive financing terms while diversifying the maturity profile of its senior bank facilities”.

“It was a privilege to advise a sophisticated group of local and international lenders on the refinancing and amendment of Ausgrid’s senior bank facilities,” said lead partner John Schembri.

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“This transaction demonstrates that recent volatility in the debt markets has not impacted lender appetite for supporting and investing in quality infrastructure assets, as evidenced by the strength of Ausgrid’s banking relationships.

“We wish Ausgrid continued success in managing and operating a safe and resilient electricity network.”