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Corrs and A&O act on massive refinancing deal

Corrs and A&O act on massive refinancing deal

Corrs Chambers Westgarth has advised Woodside Petroleum Limited on the successful refinancing of a $US1.1 billion syndicated loan facility, involving 34 international and domestic banks. ANZ…

Corrs Chambers Westgarth has advised Woodside Petroleum Limited on the successful refinancing of a $US1.1 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 and were advised by Allen & Overy Australia.

The re-financing was undertaken to manage Woodside's debt maturity profile, deferring the $US1.1 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," said Corrs partner Philip Wilson.

"Woodside operates in an attractive sector for the Asian market and this transaction proves their strong position in the energy and resources sector."

The Corrs team also included lawyer Matthew Sullivan, while the key players in A&O's team were Chris Robertson, Simon Gutkin, Roger Lui, and Eugene Man.

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Corrs and A&O act on massive refinancing deal
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