King & Wood Mallesons has acted on the A$5.07bn 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 A$4.31bn for Port Botany and A$760m for Port Kembla to lease the respective assets for a 99-year period.
The transaction also included an A$2bn 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.