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Ausgrid completes billion-dollar refinancing
Gilbert + Tobin has advised on the refinancing of Ausgrid’s senior bank facilities.
Emma Musgrave
Firm: Gilbert + Tobin (syndicate of Australian and international banks)
Value: $1.53 billion
Area: Banking, projects
Key players: The Gilbert + Tobin team was led by banking and projects partner John Schembri, with support from lawyers Erin Cartledge, Mark Nichol and Yuka Nagata.
Deal significance: Ausgrid is the largest distributor of electricity on Australia’s east coast, servicing 1.7 million customers in Sydney, the Hunter and the Central Coast.
As per a statement from Gilbert + Tobin, the transaction, which involved the establishment of a new common terms deed platform and the renegotiation of terms applying to an additional $3.18 billion of senior bank facilities, “demonstrates Ausgrid’s ability to achieve highly competitive financing terms while diversifying the maturity profile of its senior bank facilities”.
“It was a privilege to advise a sophisticated group of local and international lenders on the refinancing and amendment of Ausgrid’s senior bank facilities,” said lead partner John Schembri.
“This transaction demonstrates that recent volatility in the debt markets has not impacted lender appetite for supporting and investing in quality infrastructure assets, as evidenced by the strength of Ausgrid’s banking relationships.
“We wish Ausgrid continued success in managing and operating a safe and resilient electricity network.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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