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Allen & Overy advises the financiers on AUD1.5 billion refinancing with sustainability-linked loan for John Holland

Allen & Overy has advised the Financiers, Sustainability Coordinator and Facility Agent (the Finance Parties) in connection with an AUD1.5 billion bank guarantee facility refinancing with a sustainability-linked loan overlay, for infrastructure and property development service provider John Holland.

It is one of the largest sustainability-linked bonding facilities to be arranged in Australia to date and one of the largest to successfully close in the Asia Pacific region this year.

The loan is guaranteed by China Communications Construction Company Limited (CCCC), a Chinese state-owned infrastructure construction company listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange. The Hongkong And Shanghai Banking Corporation Limited, Sydney Branch (HSBC Sydney), is the Sustainability Coordinator.

Partner Adam Stapledon, who led the A&O team on the deal, commented: “We congratulate John Holland and its financiers on successfully closing one of the largest sustainability-linked bonding facilities in the Asia Pacific region this year."

“Sustainability-linked debt is becoming increasingly prominent in the Australian market, and around the globe. This transaction drew on A&O’s extensive local and regional experience on a number of other green and sustainability linked transactions in both the bank loan and debt capital markets context and across a range of different sectors including infrastructure, energy, real estate, government and financial services"

The A&O team acting for the Finance Parties was led by Sydney partner Adam Stapledon supported by senior associate Andrew Daidone and lawyer Vivienne Zhang.

The Sydney team was supported by a Hong Kong team led by partner Roger Lui supported by lawyers Dan Lu and Jack Bai.

A&O, as lead counsel to the Finance Parties, were supported by Zhong Lun as legal advisers in the PRC and Buddle Findlay as legal advisers in New Zealand.