MALLESONS Stephen Jaques has acted for the Southern Way Consortium, the successful bidder to build and operate the A$759m toll free Peninsula Link highway in Victoria.
The Consortium, which includes Abigroup, Bilfinger Berger and the Royal Bank of Scotland, has entered into a 25 year agreement with the Victorian Government on the project.
Lead Mallesons partner on the deal, Jeff Clark from banking and finance, said the deal was turned around quite quickly.
“This was due in part to the Victorian Government’s decision to structure the project as toll-free with payments to be made as an availability charge and also to the improved outlook in financial markets,” Clark said.
Clark has previously advised the financiers and mezzanine financiers on the largest Australian PPP of 2009 - the Victorian desalination plant. He said the financing arrangements were vastly different for the Peninsula Link project.
The Mallesons team advising Southern Way also included partner Peter Doyle and senior associates Andrew Maynes and Brad Robinson.
Mallesons has recently been involved in a number of successful PPP transactions, the firm said, including the Melbourne Metro train system - adviser to Metro Trains Melbourne (MTM) on its tender to operate the Melbourne Metro train system.
The firm also worked on the Royal North Shore Hospital PPP. It acted for ABN AMRO and Thiess as sponsors on their successful bid and closing of the PPP.
Mallesons also worked on the South Australian Schools PPP, advising the Pinnacle Education SA Consortium on its successful bid for the project. The Victorian desalination plant project was recently awarded PPP ASia Pacific deal of the year at the 2009 Project Finance International Awards.