find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Allens and Blake's advise on billion dollar coal funding

Allens and Blake's advise on billion dollar coal funding

Allens Arthur Robinson and Blake Dawson have acted on the year's largest project financing deal.Blake Dawson has advised Wiggins Island Coal Export Terminal (WICET), Queensland's first…

Allens Arthur Robinson and Blake Dawson have acted on the year's largest project financing deal.

Blake Dawson has advised Wiggins Island Coal Export Terminal (WICET), Queensland's first user-funded coal terminal, on its financing by senior syndicate and mezzanine financiers, advised by Allens.

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 around 27 million tonnes of coal per annum. The terminal, which will be operated by the Queensland Government-owned Gladstone Ports Corporation, will eventually have a capacity of more than 80 million tonnes per annum, effectively doubling the coal export capacity at the Port of Gladstone.

The financing for WICET Stage 1 is Australia's largest green fields project financing for 2011.

Signed on 9 September, the deal includes US$2.4 billion ($2.52 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 $450 million and US$50 million ($52.4 million).

In an Australian first, the senior debt facilities reportedly 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, which have subscribed for GiLTS.

Sydney 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.

Cornwell was supported by Sydney partners Rob Watt and Nicholas Adkins, as well as senior associate Carmen Luk and lawyers Mary-Frances Murphy, Kevin Lu, Scott Day, Amy Cashman, and Sarah Petrie.

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 and Blake's advise on billion dollar coal funding
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...