The financing, design, construction and operation of the Victorian desalination plant are now secure after the successful completion of syndication by National Australia Bank Ltd and Westpac Banking Corp.
Syndication for the Victorian desalination plant was achieved in just over two months after financial close in September and three months from award of contract which reflects the international interest in the financing of large-scale infrastructure in Australia.
Chloe Munro, chairman of AquaSure spoke of investor confidence in the Victorian economy, she said: “It has confirmed the wisdom of the Victorian Government in providing contingent support for the syndication portion of the project finance. This has allowed us to get a head-start on the project despite the tough conditions of the GFC.”
She continued: “The combination of a well structured transition, NAB and Westpack’s extensive global investor network, strong sponsors and improving market conditions have been key factors in the success of the syndication.”
AquaSure’s 12 original mandated lead arrangers will be joined by 22 additional Banks and Funds, increasing the syndicate to 34. the closing of syndication means AquaSure has no refinancing obligations until 2016 at the earliest