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Allens and Mallesons onboard for Perth Airport restructure

Allens and Mallesons onboard for Perth Airport restructure

Allens Arthur Robinson and Mallesons Stephen Jaques are advising on a billion dollar restructuring package for Perth Airport.Allens is advising nine major local and international banks on the…

Allens Arthur Robinson and Mallesons Stephen Jaques are advising on a billion dollar restructuring package for Perth Airport.

Allens is advising nine major local and international banks on the syndicated and working capital debt portion of a $1.23 billion finance package for the airport, which is owned by Perth Airports Development Group.

Perth Airport has experienced significant growth recently, with passenger numbers in and out of the capital city steadily climbing as the energy and resources boom continues in Western Australia.

The finance package, announced on 2 November, gives Perth Airport greater funding flexibility for planned and future developments at Perth's only international airport.

Mallesons is acting as legal counsel to Perth Airport.

Partner Richard Gordon, who led the Allens team on the transaction, said the package includes $915 million in syndicated revolving facilities with four, six and seven-year terms.

He said the deal also includes a $15 million working capital facility and a bank facility of $300 million, which will be used to backstop a future capital markets issue to fund capital expenditure through to 2015.

"This refinancing and restructure is an important step for Perth Airport that will open doors for new possibilities and the airport's planned $750 million expansion," Gordon said.

Gordon was supported by senior associates Tim Stewart and Rita Pang, and lawyers James Greenwood and Morgan Phelan.

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