Top firm acts on $1.4bn refinancing

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King & Wood Mallesons has advised Sydney Airport on its $1.4bn bank debt refinancing, one of the largest syndicated financings yet this year.

The refinancing includes secured syndicated bank debt facilities that mature in three to five years’ time.

The lenders were not disclosed by KWM or Sydney Airport. KWM said that the company “continues to receive [strong support] from domestic and international banks.”

KWM partner Yuen-Yee Cho led the team that advised on the refinancing. It included senior associate Will Stawell, solicitor Zoe Anderson, and law graduate Jonathan Mo.

Sydney Airport said in a statement to the ASX that the refinancing will enable it to offer lower margins, lengthens and spreads debt maturity, and bolsters the company’s liquidity.

In fiscal 2015-16, Sydney Airport reported $319.6m in profits after tax on $1.36bn in revenues. For derivative financial instruments, the company listed $96.8m under current liabilities and $139m in non-current liabilities. Under non-current liabilities, Sydney Airport listed $8.63bn in interest-bearing liabilities.

Last month, the airport’s long-time managing director and CEO, Kerrie Mather, announced she will resign. In February, the company welcomed a new CFO, Greg Botham.

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