Allens has advised Sydney Desalination Plant Pty Limited (SDP) on the refinancing of its syndicated bank facilities through a new $1.791 billion debt package.
Sydney Desalination Plant is one of the world’s largest desalination plants, and the refinancing includes new term, working capital and capital expenditure facilities and represents a significant evolution in SDP’s financing arrangements.
The refinancing, delivered by a mix of leading domestic and offshore banks, with Macquarie Capital as financial adviser, presents substantial benefits for SDP through an optimised capital structure and more flexible financing terms, streamlining the project’s diverse sources of debt and aligning the financing platform with the current market.
‘This refinancing affirms Sydney Desalination Plant as a stable, long-term infrastructure asset with an essential role in supporting Sydney’s long-term water security,’ said co-lead Partner Lisa Zhou.
‘The new financing package positions SDP to continue delivering reliable infrastructure services while benefiting from a capital structure and financing terms that reflect the quality and maturity of the asset.
‘We are extremely proud to have supported SDP to achieve this fantastic outcome, having worked hand in hand with SDP since the plant’s privatisation and across all major financing and transaction milestones since 2012’, said co-lead Partner and Head of Project Finance, Michael Ryan.
Allens has advised SDP on its financing activities since the plant’s privatisation in 2012, including refinancings in 2013, 2015, 2018 and 2024, and has extensive experience advising on complex infrastructure refinancings.
