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Allens acts for half of big four on Airport float

Allens acts for half of big four on Airport float

Allens acted for Westpac and NAB on a deal which has seen Perth Airport come to the market.

Firms: Allens (Westpac + NAB); King & Wood Mallesons (Perth Airport Development Group)

Deal: Perth Airport Pty Ltd, a subsidiary of Perth Airport Development Group which operates and maintains Perth Airport, has issued $400 million bonds, due in 2021

Value: $400 million

Area: Capital Markets

Key Players: The National Australia Bank and Westpac arranged the deal, with Allens acting for the banking giants. The Allens team was led by debt capital markets head James Darcy (pictured), with assistance from partners Martin Fry, senior associate Paul Cerche and lawyer Matthew De Remer. King & Wood Mallesons acted for the Perth Airport Development Group

Deal Significance: James Darcy said that this deal represents the level of rising confidence of the Australian debt capital market, particularly with regard to infrastructure companies. “We are now seeing increasing activity from single-asset infrastructure companies seeking diversification in the domestic bond market as well as offshore capital markets,” said Darcy.

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