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Ashurst and Corrs act on $186m property raising

Ashurst and Corrs act on $186m property raising

Essendon Airport has refinanced and paid of its debts with the help of Ashurst and Corrs Chambers Westgarth.

Firms: Ashurst (lenders and BOSI); Corrs Chambers Westgarth (Essendon Airport Pty Ltd)

Deal: Property raising

Area: Property

Value: $186 million

Key players: Ashurst’s Martin Coleman acted for the lenders and Jock O'Shea for BOSI

Deal significance: EAPL was seeking to refinance the $150 million facility provided by BOSI ahead of its December maturity date. The lenders are providing EAPL with facilities totalling $186 million. In addition to the $150 million Facility A, which has been used to repay the existing BOSI debt, term facilities totalling $24 million have been provided to finance existing and future projects, as well as a $12 million revolving credit facility which may be utilised by cash advances or bank guarantees.

Whilst the facility agreement is entitled a ‘Syndicated Facility Agreement’, under that agreement each lender provides a separate facility (albeit the term facilities must be drawn pro rata) and separate pricing has been established with each lender bilaterally, making this a club deal. The facilities are secured by a comprehensive security package granted by entities in the Essendon Airport group. Coleman said: "This is an important financing transaction in this market, which was made possible by the Commonwealth Government's support of infrastructure assets."

 

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