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 .
