Allen & Overy advised ANZ as financier to Merredin on an AUD43m bank debt facility
04 June 2020
Allen & Overy has advised Australia and New Zealand Banking Group (“ANZ“) as financier to Merredin Energy Pty Limited (“Merredin”) in relation to an AUD43 million refinancing of Merredin’s existing bonds.
Merredin is an open cycle gas turbine power station in Western Australia, approximately 240km from Perth. Funds advised by Palisade Investment Partners, one of Australia’s leading independent infrastructure managers, hold a 46.7% interest in Merredin.
A recent regulatory change provided greater certainty of revenues, which resulted in improved pricing and terms for Merredin. The new facility extends the tenor of the debt, with proceeds to be used to refinance existing bonds.
The transaction was led by Sydney partner James Abbott and Associate Catherine Dawson with support from Simon Huxley (Partner), Melissa Grinter (Senior Associate), Rhiannon Habermann (Associate) and Brigitte Samaha (Law Graduate).
For further information, please contact James Abbott.