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 $226 million four year bank debt facility to support the Eastern Distributor in Sydney. The funds raised will be used to repay Eastern Distributor’s existing bank debt that is due to mature in July 2018.
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 solicitor Beryl Yan.
“We are delighted to have again advised Airport Motorway Limited and AMT Management Limited on the refinancing of the Eastern Distributor,” Mr Evans said.
“The transaction involved a number of key stakeholders, including Roads and Maritime Services and NSW Treasury, as well as other financiers. We are pleased we can assist Airport Motorway Limited and AMT Management Limited in continuing to build and maintain these important relationships while achieving a successful commercial outcome for the refinancing.”
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 and CityLink Tulla Widening Projects in Melbourne, and the Hills M2 Motorway, the M5 Motorway and the Lane Cove Tunnel toll roads in Sydney.