Allens has advised a syndicate of 18 financiers on the settlement and restructuring of the Sydney Light Rail Public-Private Partnership project.
The $2 billion project is for the development of two new light rail lines that run from Sydney's Circular Quay to Randwick and Kingsford.
The Allens team, led by Partner Nicholas Adkins and Senior Associate Sunny Jong, worked closely with the senior financiers, the ALTRAC consortium, and equity investors in the project (John Laing and First State Super). The consortium also includes Transdev Sydney, Alstom Transport Australia and Acciona.
'The project will redefine Sydney and have a big impact on the daily lives of many Sydneysiders, so it was great to have contributed to getting the project back on track,' said Nicholas.
'Over the past 18 months we have worked with the senior financiers, ALTRAC's financial adviser, Capella Capital, and the consortium's legal advisers to develop some innovative financing solutions and assisted the project financiers to the consortium to navigate a complex settlement and restructure process, which involved the resolution of numerous claims and legal disputes.
'To have the opportunity today to hop on a tram parked down at Circular Quay for the first time in over 50 years was a special moment for us and a real milestone for the project. It will be incredible to see the project come to life over the next few months, and it is a credit to the hard work and dedication of all involved in the project (including the NSW government) for getting it this far,' he said.
This transaction adds to the firm's extensive track record in advising on the restructuring of large-scale projects, such as the New Royal Adelaide Hospital Project, the Wiggins Island Coal Export Terminal and Nyrstar's Port Pirie Smelter Project, among many others.
Allens legal team
Banking & Finance
Nicholas Adkins (Partner), Sunny Jong (Senior Associate), Saurabh Narain (Lawyer), Andrew Lee (Lawyer), Jo Ye (Lawyer) and Sally Page (Lawyer).
Projects & Development
Emma Warren (Partner), Paul Telford (Managing Associate) and Larissa Chu (Managing Associate).
Disputes & Investigations
Kim Reid (Partner) and Horace Ng (Lawyer).
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.