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G+T acts on Sydney airport buy back deal
Sydney Airport has sold $175 million in new 5-year medium term notes as part of a buy back and exchange transaction. G+T worked on the deal.
The New Lawyer
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SYDNEY Airport has sold $175 million in new 5-year medium term notes as part of a buy back and exchange transaction involving its outstanding 2011 and 2012 notes. Gilbert + Tobin has acted on the deal. Gilbert + Tobin has advised Westpac Banking Corporation as the lead manager of the Sydney Airport buy back and re-issue of bonds. The law firm’s banking and finance partner Duncan McGrath led the transaction, assisted by senior lawyer Benjamin Downie. Sydney Airport Finance Company issued $175m fixed rate, senior secured, medium term bonds to be used to repay existing credit wrapped bonds and bank debt. This is the first buy back of credit wrapped bonds and the re-issue of secured bonds in Australia. “We are delighted to have acted for Westpac on this significant transaction in difficult market conditions,” McGrath said.
