Herbert Smith Freehills has advised TransGrid on the refinancing of $4.2 billion of senior bank facilities with a syndicate of Australian and international banks. Financial close was achieved on 7 June 2018.

The refinancing comes after TransGrid’s successful 2016 and 2017 US Private Placements and provides TransGrid with diversification of its maturity profile to facilitate access to capital markets while retaining meaningful exposure to the domestic bank market.

The Herbert Smith Freehills team was led by partner Erin Wakelin, supported by executive counsel Amelia Fleming and solicitor Arnica Mullins.

Ms Wakelin said, “We are delighted to have worked closely with TransGrid on its successful refinancing. The transaction demonstrates TransGrid’s ability to achieve strong commercial outcomes and its ability to manage its financial market risks in relation to debt and investments.”

The bank group was advised by Gilbert + Tobin.

This deal is another example of Herbert Smith Freehills’ market-leading work in infrastructure financing. Other recent examples include:

    Advising MUFG Bank, Ltd., Societe Generale and Mizuho Bank, Ltd. on the financing of the Beryl Solar Farm;
    Advising Airport Motorway Limited and AMT Management on the $226m refinancing of Sydney’s Eastern Distributor; and
    Advising Societe Generale, ING and National Australia Bank on the provision of a $150m revolving corporate and working capital facility to Gold Road Resources Limited.