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ConnectEast advised on $705m refinancing for EastLink
Australian-owned finance, design, construction and maintenance company ConnectEast has been advised on its refinancing for EastLink, the longest tollway in Victoria.
Jerome Doraisamy
Firm: Allens (ConnectEast)
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Deal: ConnectEast has been advised on its $705 million refinancing for EastLink, connecting the Eastern Freeway to Peninsula Link and Frankston Freeway.
“Comprising a combination of short-medium term bank debt and long-dated 10-year institutional term loan debt with bank and non-bank institutions, the refinancing debt was successfully raised against a backdrop of volatile debt and debt capital markets,” Allens said in a statement.
“It affirms the trend of sponsors with long-dated and stable cash flow generating assets strategically turning to institutional term loan debt as a viable alternative to USPP markets.”
Area: Finance
Value: $705 million
Key players: The Allens team was led by partner Michael Ryan, who was supported by partner Lisa Zhou, associate Yoni Baker and lawyer Lachlan Paterson.
Deal significance: Mr Ryan said: “We are proud to have worked alongside ConnectEast, its lenders and financial adviser, RBC, on this successful refinancing.
“The deal is a prime example of a sponsor successfully diversifying its debt profile by tapping into a pool of longer-term institutional term loan providers alongside its bank debt. We look forward to continuing to support ConnectEast in the future.”
