NEWS

Allens advises on first-of-kind Gold Coast Light Rail expansion

By David Donnelly, Nicholas Ng
Infrastructure Property & Development

In a first for the Australian market, Allens has advised GoldLinQ Pty Ltd on a series of transactions connected with the delivery of Stage 2 of the Gold Coast Light Rail.

Financial Close for the 7.3 kilometre extension of the Stage 1 Public Private Partnership was achieved last week, less than nine months after the State announced the deal.

'The firm was proud to have collaborated with the broader advisory team to devise, and then deliver, a first-to-market structure that achieved fantastic value for the State,' said David Donnelly, lead partner on the deal.

'The swift Financial Close was made possible through support from all levels of government and a shared vision and commitment across the public sector and private sector teams,' he said.

The Allens team also restructured the original GoldLinQ equity holding structure and refinanced the private sector debt for Stage 1 in order to support the expanded system.

'The key to delivering value for the State and the private sector parties was to appropriately ring-fence the existing operating profile from the construction risk associated with Stage 2,'said James Darcy, who led the financing of Stage 2 and the refinancing of Stage 1.

'The innovative structuring techniques devised for this project not only drove value, but also have application for other project extensions.'

In line with a key project objective, Stage 2 of the Gold Coast Light Rail will be completed in time for the 2018 Gold Coast Commonwealth Games.

Nicholas Ng, who led the delivery of the Stage 2 Project was pleased that the firm was able to deliver another successful transaction in the Queensland market, having delivered the New Generation Rollingstock Project, Queensland Schools II and the Government Wireless Network since delivering Stage 1 of the Gold Coast Light Rail in 2011.

Allens legal team

David Donnelly (Partner), Nicholas Ng (Partner), James Darcy (Partner), Mathew De Remer (Senior Associate), Matt Thomas (Senior Associate), David Yang (Associate), Timothy Leschke (Associate)

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.