Victorian desalination plant PPP
Advised the senior financiers and mezzanine financiers to the AquaSure Consortium, which was appointed by the Victorian Government to design, finance, construct and operate Australia’s largest desalination plant. This is the biggest PPP transaction of 2009
Lead partners: Jeff Clark and Jonathan Oldham
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Chinalco USD 21 billion facilities
This was the largest ever proposed outbound investment by a Chinese State Owned Enterprise (SOE) (US $ 19.5 billion).
We advised Aluminum Corporation of China (Chinalco) on all Australian aspects of the transaction with Rio Tinto. This included corporate (ASX / ASIC), regulatory (FIRB, ACCC, other), energy and resources (QLD and WA), finance and structuring advice, together with Clifford Chance, in connection with our role in designing the overall transaction framework.
Lead partners: Ian Paterson (financing), Peter Cook and Robert Jackson (M&A/corporate)
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Financing of Masbate Gold Project
Awarded Asia Pacific Mining Deal of the Year Award, Euromoney League Tables, Feb 2009.
We acted for BNP Paribas to fund the development and operation of the Masbate Gold Mine in a remote area of the Philippines. This was only the second project financed mine in the Philippines for some 20 years (Mallesons also acted in the first).
Lead partners: John Naughton and Nicholas Creed
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Royal North Shore Hospital and Community Health Services PPP
We acted for ABN AMRO and Thiess as sponsors on their successful bid and closing of the Royal North Shore Hospital PPP. This transaction is a stand out transaction as it closed with a complex and large scale funding in the midst of the difficult market times, with no comparable deals in the region.
Lead partner: Mark Upfold
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Privatisation of Masinloc coal-fired thermal plant
Advisor to AES Corporation on its successful bid for, and US$1.1 billion financing of, the Masinloc Coal-Fired Thermal Power Plant located in the Philippines.This was the largest of the new privatisations of the electricity industry in the Philippines being conducted by the Government at the time and involved multi lateral lenders and equity structuring across a number of international jurisdictions.
Lead partner: Mark Upfold
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Sale of Assets
Project Finance Deal of the Year - ALB Australasian Law Awards 2009
Advisor to the Energy Infrastructure Investments group on its spin out from the Australian Pipelines group and restructuring of its assets, together with the portfolio financing of the transaction. The transaction was completed in a short time frame, against the backdrop of challenging equity and debt market conditions. Novel structuring techniques were employed to ensure the equity investors into the fund receive an annuity-style return. Various structured financing solutions were also employed to maximise debt sizing.
Lead partner: Dominic Bortoluzzi
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Working Capital Facility Agreement - Westpac
We acted for Spark Infrastructure (Victoria) Pty Limited (Spark) in the provision of a A$50,000,000 working capital facility to Spark by Westpac Banking Corporation. The facility was guaranteed by other members of the Spark group. As Mallesons had acted for the senior financing in the 2005 IPO of Spark (which also involved the provision of a working capital facility), we were well placed to coordinate the preparation of this additional working capital facility in a short timeframe.
Lead partner: Dominic Bortoluzzi
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Macquarie Infrastructure Investment Management Limited
Mallesons acted for Macquarie Infrastructure Group (MIG) in this $805 Million deal on the sale of it's 50% share in West Link to Western Sydney Roads Group. (Western Sydney Roads group is 50% owned by Macquarie Infrastructure Investment Group and 50% owned by Queensland Investment Corp.)
Lead partner: Peter Doyle
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Financing of Van Gogh and Pyrenees oilfield developments
We acted for BNP Paribas and The Hongkong and Shanghai Banking Corporation Limited, the mandated lead arrangers for a US$350,000,000 borrowing base facility to fund Apache PVG Pty Ltd’s share of the development and operation of the Van Gogh and Pyrenees oilfield developments on the North West Shelf. The financing structure and documentation enabled the Apache group to obtain project financing for those of its North West Shelf assets.
Lead partners: John Naughton and Nicholas Creed
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Capital Expenditure facility for Dampier to Bunbury Natural Gas Pipeline - Stage 5B Expansion
Mallesons assisted DBNGP on its financing of each of its five pipeline expansions since 2006. Mallesons’ role involved advising DBNGP in relation to adapting the existing funding structure to accommodate the expansion of the Project.
Lead partners: Jonathan Oldham and John Naughton
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The Khandke Wind Farm Financing
We advised a syndicate of banks, including the Hong Kong Shanghai Banking Corporation Limited, HSBC Bank (Mauritius) Limited, Intesa Sanpaolo, S.p.A, Nedbank Limited and Nordeutsche Landesbank Girozentrale, on the non-recourse project financing to Roaring 40s for the construction and commissioning of 50.4MW wind farm located at Khandke in the State of Maharashtra, India, This transaction was the first non-recourse project financing of a wind farm undertaken in India.
Lead partner: Jonathan Oldham
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Construction Finance Facility for Singapore Biodiesel Plant
We acted as Australian and English counsel to an international hedge fund in connection with the proposed financing of the construction and commissioning of the world’s largest biodiesel plant on Jurong Island in Singapore.
The transaction was complicated by the need to restructure existing convertible bonds which were listed on the Stock Exchange of Singapore and the issue of options over securities listed on the Australian Securities Exchange.
Lead partner: Jonathan Oldham
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South Australian Schools PPP
We acted for Pinnacle Education SA Consortium (that included Commonwealth Bank Investments and Hansen & Yuncken) in its bid for the Education Works New Schools Project that was put to tender by the South Australian Government. The Pinnacle Education SA Consortium was named as preferred bidder for the project during March 2009. The project was a public private partnership involving the design, construction, financing, operation and maintenance of a number of new schools situated in around Adelaide in South Australia. We advised the consortium in relation to all aspects of the complex project arrangements.
Lead partner: Jonathan Oldham
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QSN Link Expansion for Epic Energy Australia
Advisor to Epic Energy in relation to the construction of the Queensland to South Australia/New South Wales natural gas pipeline linking the South West Queensland Pipeline to the Moomba to Adelaide Gas Pipeline.
Lead partner: Jonathan Oldham
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Syndicated Project Financing of Bluewaters Power Stations
We advised a syndicate of banks, including ANZ, NAB, Société Générale Australia Branch and WestLB AG, Sydney Branch, on the non-recourse A$1.26 billion project financing to subsidiaries of Griffin Coal for the construction and development of two coal-fired 204MW power stations situated near the Collie Township in Western Australia.
Lead partners: Jeff Clark and Jonathan Oldham
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Barwon Water Biosolids PPP Management Project
We acted for The Bank of Tokyo-Mitsubishi as the financier and the swap provider to the consortium led by Plenary Group in its successful bid for the Barwon Water Biosolids Management Project which was put out to tender by the Victorian Government. The project was a public private partnership involving the design, construction, financing, operation and maintenance of a biosolids treatment plant located at Black Rock in Victoria.
Lead partner: Jeff Clark
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Broadcast Australia Finance $250m debt refinancing
Advisor to Broadcast Australia on the refinancing of its capital markets and bank debt facilities. This involved the refinancing and extension of the existing senior facilities as well as the raising of new bank debt facilities to finance a maturing tranche of Medium Term Notes. The Mallesons’ team worked to ensure that the new senior debt arrangements, were effective in meeting Broadcast Australia's ongoing financing needs and fit into its existing financing .
Lead partner: Yuen-Yee Cho