Allens has advised ConnectEast on its A$705 million refinancing for EastLink, the longest tollway in Victoria, connecting the Eastern Freeway to Peninsula Link and Frankston Freeway.
Comprising a combination of short-medium term bank debt and long dated 10 year institutional term loan debt with bank and non-bank institutions, the refinancing debt was successfully raised against a backdrop of volatile debt and debt capital markets. It affirms the trend of sponsors with long dated and stable cashflow generating assets strategically turning to institutional term loan debt as a viable alternative to USPP markets.
‘We are proud to have worked alongside ConnectEast, its lenders and financial adviser, RBC, on this successful refinancing. The deal is prime example of a sponsor successfully diversifying its debt profile by tapping into a pool of longer term institutional term loan providers alongside its bank debt. We look forward to continuing to support ConnectEast in the future,’ said Partner and Head of Project Finance Michael Ryan.
