King & Wood Mallesons has acted on the $5.07 billion privatisation of two of Australia’s biggest ports, Port Botany and Port Kembla, which reached financial close on 31 May 2013.
The privatisation represents the largest NSW Government asset transaction to date. Under the deal, the NSW Ports Consortium paid the NSW Government $4.31 billion for Port Botany and $760 million for Port Kembla to lease the respective assets for a 99-year period. The transaction also included an A$2 billion project finance debt package.
King & Wood Mallesons advised the syndicate of 10 domestic and international banks financing the debt package component of the deal, including ANZ Banking Group, National Australia Bank, Credit Agricole Corporate and Investment Bank, Canadian Imperial Bank of Commerce, Industrial and Commercial Bank of China, ING, Bank of Tokyo-Mitsubishi UFJ, Korea Development Bank, DBS Bank and Sumitomo Mitsui Banking Corporation.
The King & Wood Mallesons team was led by banking and finance partner Jeff Clark, who was supported by senior associate Charlie Detmold and solicitor Andrew Vincent.
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