KWM acts on landmark greenfield bond financing deal

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King & Wood Mallesons (KWM) has acted in a landmark deal for the Victorian government.

The firm advised all financiers to the Netflow consortium on the state’s $1.8bn “Western Roads Upgrade” project. The Netflow consortium was formed by Cintra, Plenary, WBHO Infrastructure, Amey, and Broadspectrum.

This is Victoria’s largest single investment in arterial roads ever, with eight component projects that will rehabilitate, upgrade, widen, and duplicate roads, as well as upgrade intersections.

KWM also acted as Australian counsel for the USPP noteholders. It also acted for the bank club consisting of Westpac, Bank of China, ICBC, and Mizuho.

The firm’s team was led by partners Claire Rogers and Peter Doyle, who were assisted by senior associates Catherine Zahra and Chris Allfrey and solicitors Amy Maguire and Brendon Francis.

Rogers said that this is Australia’s first greenfield bond financing of a public-private partnership since the global financial crisis.

Allens acted for Netflow in its winning bid for the billion-dollar project.

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