The deal is one of the largest public-private partnership refinances to date in Australia
Norton Rose Fulbright (NRF) acted in one of the largest public-private partnership (PPP) refinances to date in Australia.
NRF acted for a syndicate of financiers on the $2.25bn refinancing of the Reliance Rail NSW Rolling Stock PPP. Gilbert + Tobin acted for Reliance.
The project, which has the contract to manufacture and maintain 626 suburban passenger train carriages for Sydney’s rail network, was the largest passenger train order in Australian history when it was signed in 2006. The order, costing $3.6bn, came with a contract term of 30 years.
NRF said it advised the unnamed domestic and foreign banks on the refinancing of existing bond and bank debt financing and the restructuring of other aspects of the project, including a complex derivatives restructure. Shareholders Amber Infrastructure and AMP Capital bought out the state of New South Wales in the transaction.
NRF’s Australian team was led by Melbourne-based partner Jo Crew, who was supported by partner James Morris, special counsel Joanna Taylor, senior associate Claire Whitney, associates Celia Boyle and Marco Lagos, and other lawyers of the firm.
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