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Multiple lenders advised on financing Victorian development

Multiple lenders advised on financing Victorian development


Three firms have advised on the financing of a $398 million development located in Melbourne.

Firms: Allen & Overy (Citibank NA, KfW IPEX-Bank, Standard Chartered Bank, Bank of China, DBS Bank, Investec Bank Plc, Cathay United Bank); Linklaters (VICT); Allens (VICT).

Deal: Several lenders were advised in relation to the project financing of the development of the Victoria International Container Terminal (VICT) for Philippines port operator International Container Terminal Services Incorporated (ICTSI).

Value: $398 million

Area: Finance

Key players: The team advising the lenders was led by A&O Australian banking partner David Christensen, with assistance from senior associates James Gibson and Simon Hayes, as well as lawyers Matthew Del Rosso, Li Lin and Anastasia Mihailidis.

Partner Jason Huinink and senior associate Elly Ko advised the Citibank agency, security trustee and account bank divisions.

Senior associate James Barton provided hedging advice and Amsterdam partner Niels de Ru and his team advised in relation to Dutch law aspects.

Deal significance: The Victoria International Container Terminal is located in the Port of Melbourne.

When fully developed, the 35.4 hectare terminal will be capable of handling up to 1.4 million standard containers each year, with the empty container park’s capacity rising to 280,000 standard containers.

VICT is ICTSI’s first investment in Australia, with the operator having won the 26-year concession from the state-owned Port of Melbourne Corporation.

ICTSI is one of the world’s largest maritime terminal operators, having operations in the Asia Pacific, Africa, North America and Europe.

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Multiple lenders advised on financing Victorian development
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