find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Allens, Blakes, advise on Wiggins deal

Allens, Blakes, advise on Wiggins deal

Law firms Allens Arthur Robinson and Blake Dawson have found work as a financing package for the first stage of the Wiggins Island coal export terminal in Queensland has been completed.

ALLENS Arthur Robinson and Blake Dawson have found work as a financing package for the first stage of the Wiggins Island coal export terminal in Queensland has been completed. 

Blake Dawson has advised Wiggins Island Coal Export Terminal on the deal, which Allens is advising the senior syndicate and mezzanine financiers on the deal. 

Blake Dawson represented Wiggins Island Coal Export Terminal Pty Limited, a joint venture company established by fifteen coal producers located in the Bowen, Surat and Maryborough coal basins in Queensland. 

The Blake Dawson team was led by David Mason and supported by Jamie Ng and Damian Salsbury at a partner level, advised on all aspects of the project financing of stage 1 of the Wiggins Island Coal Export Terminal and related infrastructure at Wiggins Island.

The export terminal, WICET, is owned by a consortium of coal exporters advised by ANZ Corporate Advisory.

The first stage of the development, located in Gladstone and due for completion in 2014, is expected to facilitate the export of about 27 million tonnes of coal per annum. When all stages are fully commissioned, the terminal will have a capacity of more than 80 million tonnes per annum, effectively doubling the coal export capacity at the Port of Gladstone.

The terminal will be operated by the Queensland Government-owned Gladstone Ports Corporation. The financing for WICET Stage 1 is Australia's largest greenfields project financing for 2011. 

The deal includes US$2.4 billion for construction and $600 million, made up of Australian and US dollars, for performance guarantees, working capital and contingencies.

The Gladstone Long Term Securities (GiLTS) financing package is comprised of A$450 million and US$50 million. In an Australian first, the senior debt facilities also include a tranche of debt guaranteed by the Australian Export Finance and Insurance Corporation.

Commonwealth Bank of Australia is acting as the senior agent for a syndicate of 20 domestic and international banks, which are providing senior debt on the deal, and as the mezzanine agent for a consortium of 13 mezzanine financiers, who have subscribed for GiLTS.

Equity was provided in the form of preference shares, for which the coal exporters, who will own and develop the terminal, subscribed at financial close.

Partner Phillip Cornwell, who led the Allens team acting for the senior financiers, said the huge and complex deal required a large, well-coordinated team, including the firm's due diligence specialists.

"Major projects of this sort require an enormous team effort," Cornwell said.

"We were able to build on our experience with other export infrastructure financings, notably NCIG's Newcastle Coal Export terminal," he said.

Allens partner Cornwell worked with partner Rob Watt in Sydney, partner Nicholas Adkins, senior associate Carmen Luk, Sydney lawyers Mary-Frances Murphy, Kevin Lu, Scott Day and Amy Cashman, Brisbane lawyer Sarah Petrie and numerous other specialists who worked on due diligence review.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Allens, Blakes, advise on Wiggins deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Sep 20 2017
Silk picked to monitor national security laws
Dr James Renwick SC has been appointed as Independent National Security Legislation Monitor after se...
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...