Norton Rose Fulbright, MinterEllison and Gilbert + Tobin have advised on North Queensland Airports’ (NQA) AUD1.085 billion (USD766 million) refinancing of its corporate bank debt financing arrangements.
NQA owns and operates Cairns Airport and Mackay Airport in Queensland, and the refinancing supports the continued development and operation of these assets, which play a key role in enabling economic growth across Northern Australia.
Norton Rose Fulbright worked closely with NQA’s financial adviser, RBC Capital Markets, to document, negotiate and complete the transaction, which involved funding from a syndicate of Australian and international commercial bank lenders and Export Finance Australia.
Perth-based partner Alen Pazin led the team, which also comprised special counsel Elouise Dellit, and associates Jeanette Loh and Bella Baker. Tax advice was provided by partner Greg Reinhardt, head of the Australian tax team, and senior associate Seema Mishra.
“The primary issue that we were required to navigate and structure around were the applicable restrictions for both Cairns Airport and Mackay Airport, as regulated aviation assets, are subject to under their continuing tripartite conditions with the Queensland state government, which were put in place as part of the original privatisation and concession terms in respect of both airports and which apply to NQA’s financing arrangements,” Pazin told Asia Business Law Journal.
He said the key challenge was navigating the requirements of various stakeholders, which included the Queensland state government.
“The key highlight was assisting NQA in delivering an optimal financing structure and terms, and contributing in our own way to the continued successful operation of Cairns Airport and Mackay Airport,” he said.
Gilbert + Tobin advised the lenders, with the team comprising partner John Schembri, who leads the firm’s banking and projects group, as well as special counsel Erin Cartledge and lawyer Carol Chai.
