Gilbert + Tobin (G+T) acted for Reliance Rail, a PPP with the New South Wales government valued at $3.6bn. Reliance and its shareholders, Amber Infrastructure, AMP Capital, and Downer, sought state approval earlier this year to refinance the $2bn debt.
The group has now refinanced the debt with new bank debt, bonds, and a capital injection from Amber Infrastructure Group and AMP Capital Investors Limited, who will buy out the state of NSW, G+T said.
The transaction was not without its hurdles, however, as it needed court action, resulting in Gilbert + Tobin’s litigation team also being heavily involved in the deal.
John Schembri, who leads the firm’s banking and infrastructure team, said the transaction took months of negotiation and hard work from all sides on a very complex refinance. The matter involved a reduction in outstanding debt, restructuring existing CPI swaps, and additional CPI swaps and interest rate swaps, the firm said.
G+T is still engaged by Reliance Rail for ongoing legal advice.
Schembri’s debt team included fellow partner Adela Smith, special counsel Caroline Mathie, debt capital markets specialist Louise McCoach, and lawyers Abigail Cowled, Lisa Hamilton, and Billy Quist.
The firm’s recapitalisation team was headed by partner Hiroshi Narushima, who was supported by lawyers Melissa Baxter and Laura Bacon.
G+T’s litigation team was headed by partner Crispian Lynch, who was assisted by lawyers Amy Campbell and Carla Corben.
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