Infrastructure Capital Group (ICG) is pleased to announce that the Wattle Point Wind Farm refinancing has been named as a finalist in the Cross Border Restructuring Deal of the Year category of The M&A Advisor Awards.
The transaction involved the refinancing of Wattle Point Wind Farm’s $A161 million senior debt facility.
Winners of the award will be announced at the 2015 International Financial Forum, featuring the 7th Annual International M&A Awards Gala, on 27 and 28 April in New York.
The refinancing was strongly supported by the project finance market with a 5-year facility being provided by Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation together with a 10-year facility provided by investors managed by US fund manager, Babson Capital.
The transaction marked a significant milestone for the senior debt market in Australia with the introduction of US-based institutional funds as long-term senior-debt lenders to an Australian infrastructure project.
Craig Whalen, Executive Director of ICG commented: “This is one of the first times in the Australian infrastructure finance market that non-traditional lenders have participated in a syndicated debt facility alongside institutional banks. The refinancing takes advantage of a favourable debt market and provides funding diversification to Wattle Point.”
ICG was responsible for all aspects of the refinancing which involved a competitive tender process with prospective bank and institutional lenders, arranging due diligence, financial modelling and negotiating loan documentation.
Wattle Point Wind Farm is a 91MW generator located on the Yorke Peninsula in South Australia. The project is supported by a long-term off-take and asset management agreement from AGL and was acquired by EIT in 2007.