Guaranteed debt program established by the gas infrastructure company

Pinsent Masons advised Athe Australian Gas Infrastructure Group for the implementation of a new secured debt program.

Solidify: Pinsent Masons (Australian gas infrastructure group); Sidley Austin (Australian Gas Infrastructure Group)

OK: Australian Gas Infrastructure Group was advised on the establishment of a new financing vehicle and a secured debt program, in order to be rated A3 by Moody’s and BBB + by S&P, and on the creation of its first secure senior AMTN program.

Value: Not disclosed.

Zoned: Banking and finance

Key players: The Pinsent Masons banking and finance team advising the transaction was led by partner Jim Hunwick, senior partner David Kennedy and lawyers Jesse McNaughton and Katie Murray and included the assistance of partner Jeremy King, the director legal Michael Capsalis and graduate lawyer Abigail Gedge.

The law firm Sidley Austin has advised AGIG on matters relating to New York law. Allens advised the financiers.

Importance of the transaction: Australian Gas Infrastructure Group (“AGIG”) is described as one of the largest gas infrastructure companies in Australia. It belongs to the CK group.

“The new financing vehicle and secured debt program will fund the Multinet operations of AGIG, Dampier at Bunbury Pipeline and AGI Developments and achieve a rating improvement, replacing three separate pre-existing programs,” said a statement from Pinsent Masons.

Pinsent Masons drafted and negotiated all the documentation AGIG needed to establish new common financing terms, creditors’ agreements and a set of guarantees to allow AGIG to consolidate its existing debt programs into a new secured debt program and to seek future debts under this new secured debt program. . The new debt program makes it possible to get into debt on the national and international debt and capital markets under the same common conditions, with an A3 rating by Moody’s and BBB + by S&P.

“This is a historic transaction for AGIG, which is the largest debt project undertaken by AGIG to date, consolidating three different debt programs into one new top program. This included the integration of approximately AU $ 4 billion of debt from the three programs, comprising domestic and international bank facilities, Australian medium term notes (‘AMTN’), US private notes and hedging agreements, in the new program.

Commenting further on the deal, Mr Hunwick, banking and finance partner, said: “We applaud AGIG for taking the initiative to transform its senior debt agreements into a new market-leading multiplatform debt program and have managed to improve his ratings. “

“This huge project showcases the expertise, depth of talent and commitment available to borrowers and financiers who choose to engage Pinsent Masons’ financial team in Australia,” he added.

Guaranteed debt program established by the gas infrastructure company

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Last updated: November 23, 2020

Posted: 19 November 2020

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