Herbert Smith Freehills has advised Citibank N.A., Sydney Branch, on the financing of QIC Global Infrastructure’s $400.6 million acquisition of Epic Energy South Australia Pty Ltd (Epic SA), which owns the Moomba to Adelaide Pipeline System (MAPS) and the South East Pipeline System (SEPS). Completion of the transaction occurred on 1 May 2013.
QIC Global Infrastructure, on behalf of its clients, acquired Epic Energy SA from APA Group following a competitive bidding process. Citibank underwrote and arranged the senior secured debt financing, which was provided on a project finance basis to the acquisition vehicle, QS MAPS Holdings No. 4 Pty Ltd.
The Herbert Smith Freehills team was led by partner Joel Rennie, working with senior associate Amelia Fleming and solicitor David Rubinek. Citibank’s team was led by Rod Hill, Managing Director, Resources Asia.
‘Citi and QIC needed to work in a very close and collaborative manner in order to achieve what was a great result given the highly competitive bid process and general interest in this asset’ said Rennie. ‘It was very satisfying to be able to structure a financing package that met both Citi’s and QIC’s commercial objectives and added material weight to QIC’s successful bid’.
MAPS is a 1,185 kilometre gas pipeline system servicing the South Australian market, with the main line from Moomba to Adelaide and a number of lateral pipelines. SEPS is a 70 kilometre pas pipeline system in south-eastern South Australia which connects Katnook, Snuggery and Mount Gambier to the SEAGas pipeline.
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