G+T advised a large syndicate of Australian and international banks in connection with the refinancing of $1.525 billion of Ausgrid’s senior bank facilities.

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.

The transaction, which involved the establishment of a new common terms deed platform and the renegotiation of terms applying to an additional $3.175 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.

The G+T team was led by head of Banking + Projects Partner John Schembri with support from lawyers Erin Cartledge, Mark Nichol and Yuka Nagata.

John commented “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. 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.” 

G+T's Banking + Projects team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance and Banking and Finance - Corporate Finance by Chambers Asia-Pacific 2023. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. G+T act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions and major bespoke financings to complex restructuring projects.

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