More than $25bn of financings in June highlight breadth of Allens’ banking and finance capability

Allens’ Finance, Banking & Debt Capital team advised on financings representing more than $25 billion in aggregate value throughout June, spanning energy transition, infrastructure, mining, healthcare, real estate, telecommunications, financial institutions and private capital.

The matters reflect the breadth and sophistication of financing solutions supporting investment, growth and major projects across Australia and the region. Collectively, they demonstrate the role finance plays in helping organisations navigate complex market conditions, pursue strategic opportunities and deliver projects that shape the future economy.

Throughout June, Allens advised:

• Challenger on a market first $6bn annuity backed note issuance program;
• Aurelia Metals on A$150m refinancing;
• European Energy on the project financing for the Winton North solar and battery hybrid project;
• Sydney Desalination Plant on its A$1.79bn refinancing;
• Triple Flag on its US$440m Ravenswood gold stream transaction;
• Develop Global on its US$400m arrangement with Trafigura;
• the lenders on Edify Energy’s landmark solar and battery projects;
• BGH Capital on the acquisition of Aspen Pharmacare’s APAC business;
• Barings on its A$1.5bn Moorabbin Airport acquisition; and
• Zenobe on electric vehicle fleet platform financing.

The transactions span the full financing lifecycle — from project development and infrastructure investment through to acquisition finance, debt capital markets, derivatives, restructuring and special situations.

Other June mandates ranged from corporate and acquisition financings through to infrastructure portfolios and special situations work. The team acted for longstanding clients including QIC on its refinancing of SeaSwift and on a number of derivatives and global financial market infrastructure matters, including the ASX on enhancements to the funding architecture supporting Australia’s derivatives clearing infrastructure. The team also advised Futures Industry Association on their groundbreaking European Agent-Trustee Model, paving the way for Australian institutions to access a new generation of European client-clearing arrangements.

Kangaroo bonds and corporate hybrids have emerged as two of the most active segments of the financing market, driven by strong investor demand and increasing participation from global issuers. June reflected this momentum, with the team closing on an extraordinary volume of Kangaroo bond transactions and hybrid issuances reinforcing our leadership across both markets.

In Papua New Guinea, Allens advised Steamships Trading Company on an IFC-backed financing and advised on the next phase of Bank of South Pacific’s financing for the expansion of the Hilton Hotel in Port Moresby.

Finally, we acted on a series of highly complex matters spanning solar farms, battery energy storage systems and resources projects, supporting clients through some of their most significant financing and strategic capital initiatives and navigating situations where finance, restructuring, M&A and commercial objectives intersect.

Tim Stewart, Practice Group Leader of Finance, Banking & Debt Capital, said the month’s activity reflected both the scale of the market and the increasingly sophisticated financing solutions required to support it.

‘We are grateful to our clients for entrusting us with such an extraordinary range and volume of transactions throughout June. In a single month, we advised on financings supporting everything from batteries, infrastructure and airports through to mining projects. We also advised across every major financing product in the market – from leveraged and acquisition finance through to project finance, property finance, fund finance, debt capital markets, derivatives, securitisation, structured finance and distressed situations.

‘Many of our clients are navigating increasingly complex financing challenges that draw on multiple products, sectors and areas of expertise. Our team-based, cross-disciplinary approach enables us to bring those capabilities together, helping clients access the breadth of experience they need in a single integrated team.’

As financing markets continue to evolve, Allens remains focused on helping clients access capital, fund growth and deliver major projects and investments. The firm’s continued investment in its people and capability reflects that commitment.

This month, 14 lawyers across the Banking & Finance practice were promoted, further strengthening the team’s ability to support clients across a broad range of financing products, sectors and markets.