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Corrs acts on Woodside's $1bn refinancing

Corrs acts on Woodside's $1bn refinancing

Corrs has advised Woodside Petroleum Limited on the refinancing of a US$1.1 billion syndicated loan facility, involving 34 international and domestic banks.

CORRS Chambers Westgarth has advised Woodside Petroleum Limited on the successful refinancing of a US$1.1 billion syndicated loan facility, involving 34 international and domestic banks.

ANZ Banking Group Limited and The Bank of Tokyo-Mitsubishi UFJ, Ltd. were joint-mandated lead arrangers of the syndicated loan. The re-financing was undertaken to manage Woodside’s debt maturity profile, deferring the US$1.1 billion maturity from 2012 to 2015.

Substantial improvements in financial markets since 2009 have allowed Woodside to enter this agreement for a term of five years with a reduction in financing costs.

“The deal affirms the strong appetite for Asian companies to invest in Australian blue-chip companies. Woodside operates in an attractive sector for the Asian market and this transaction proves their strong position in the energy and resources sector,” said Corrs partner Philip Wilson.

Corrs has advised Woodside on its debt raising activities in the last two years.

The Corrs team was led by partner Philip Wilson with lawyer Matthew Sullivan.


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