NEWS

Allens tops syndicated loans and project finance league tables

Banking & Finance Infrastructure & Transport Project Finance

Allens has achieved a clean sweep in league table results for calendar year 2020, topping multiple tables for both syndicated loans and project finance.

In syndicated loans the firm was ranked:

  • number one APAC and Japan Borrower Legal Adviser (by number of deals) by Thomson Reuters;
  • number one borrowers' and lenders' legal counsel in Australia and number one borrowers' legal counsel in APAC (ex-Japan) by Debtwire; and
  • number one legal adviser by Dealogic.

The firm advised on some of the most significant syndicated loans in the market in 2020, including a A$5.25 billion facility for TPG Telecom Limited, a A$1.2 billion corporate debt refinancing for Vocus Group Limited, a US$750 million facility for AngloGold Ashanti and a A$1.6 billion refinancing of syndicated capital call facilities for Victorian Land Registry Services.

In project finance, Allens was named:

  • top APAC project finance legal adviser by volume and top global infrastructure project finance legal adviser by volume by Dealogic;
  • top legal adviser in Australia, equal top sellers' legal counsel and top acquirors' legal counsel (all by number of transactions) and top lenders' legal counsel by both number of transactions and total value by Inframation;
  • top APAC and Australian legal adviser by number and value of transactions by IJGlobal; and
  • equal first legal adviser in Asia Pacific by Project Finance International. 

The firm advised on 22 project finance deals with a value of US$7.26 billion during 2020, according to Dealogic. These included the A$4.2 billion WestConnex refinancing, the A$400 million Canberra Metro syndicated refinancing (Australia's first PPP to have a certified green loan), the A$11 billion Melbourne Metro refinancings and the A$1.6 billion Queen's Wharf Development project financing.

'That our clients turned to us with their largest and most complex matters in such a tumultuous year is testament to the trust they place in us,' said Alan Maxton, Partner and Banking and Finance Practice Group Leader.

'We were honoured to have worked alongside our clients on such complex and high-stakes matters last year, and look forward to continuing our work together in what we hope will be less turbulent times in 2021 and beyond.  

'It was certainly a very busy period for us and after a period of uncertainty we saw the syndicated loan market rebound. Our experience with project financing was not dissimilar.

'In terms of trends, while project financing is still predominantly a bank debt market, we saw increasing participation from funds and government-backed lenders, as well as some success for projects in accessing capital markets for greenfield transactions,' Alan said.