Herbert Smith Freehills has advised Airport Motorway Limited and AMT Management Limited in its capacity as trustee of the Airport Motorway Trust on a new $302 million 3.25 year bank debt facility to support the Eastern Distributor. The funds raised will be used to repay Eastern Distributor’s existing A$300 million medium term notes issued in 2013.
The Eastern Distributor is a 6km road in Sydney that links the city centre, Harbour Tunnel and Harbour Bridge with the southern suburbs and Sydney Airport. It is 75.1% Transurban owned and under concession until 2048.
The Herbert Smith Freehills team was led by partner Jon Evans, who was supported by senior associate Nadine Kilpatrick and solicitors Beryl Yan and Miranda Zhang.
Jon Evans said, ‘We are pleased to have advised Airport Motorway Limited and AMT Management Limited on its refinancing of the Eastern Distributor. We are proud to have been able to assist Transurban in delivering another successful commercial outcome, particularly in light of the current challenges in the market.
‘This is great result for Eastern Distributor and the other key stakeholders in the Project, including Transport for New South Wales, New South Wales Treasury and the financiers.’
This deal is another example of Herbert Smith Freehills’ market-leading work advising on the financing arrangements of major road transport infrastructure projects, including advising in relation to the West Gate Tunnel project, the Hills M2 Motorway, the M5 Motorway and the Lane Cove Tunnel toll roads and the CityLink Tulla Widening Project.