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Adelaide firm acts on $370 million deal
Adelaide’s Laity Morrow sat on the other side of the table from Herbert Smith Freehills on a major gas refinance deal.
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Firms: Laity Morrow (South East Australia Gas [SEA Gas] and its two owners, the APA Group and REST (Retail Employees Superannuation Trust); Herbert Smith Freehills (the lenders)
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Deal: SEA Gas Refinance
Area: Project finance
Value: $370 million
Key Players: Philip Laity (pictured) led the Laity Morrow team. Laity, who has acted for SEA Gas since its inception in 2001, led his firm’s team. Laity started Laity Morrow with his ex-Johnson Winter & Slattery colleague Kerry Morrow in August last year. Melbourne-based Herbert Smith Freehills partner Gerard Pike led his firm’s team.
Deal Significance: SEA Gas develops, owns and operates the underground pipeline system transporting natural gas from the Otway and Bass Basins to South Australia and Victoria. In 2011, when still at JWS, Laity acted for SEA Gas on a $403 million refinancing with seven international and domestic banks. Laity said the 2013 secured facility has been negotiated with five domestic and offshore banks for a term of four years.
