EastLink owner drives away with new debt, equity changes up next

It is understood EastLink’s owner ConnectEast had RBC Capital Markets and law firm Allens line up the fresh funding in the past month, closing the deal last week.Wayne Taylor

The new debt included a near $300 million 10-year tranche, which attracted money from the likes of Commonwealth Bank of Australia, China’s ICBC, Taiwan’s Hua Nan Commercial Bank and Japanese life insurer Meiji Yasuda.It was notable for the 10-year tranche - and comes as a bunch of other infrastructure owners think about similar structures for their own upcoming refinancings.

While RBC and Allens advised on the refinancing, the pair’s also on hand to help a bunch of shareholders test interest in their stake in the tollroad’s holding company. Shareholders including UK pension fund USS, NZ Super, Mirae and Dutch fund ATP, who together account for about a 55 per cent stake in the company. are keen to put their stakes to market, while other ConnectEast investors are mulling their options., are watching on.ConnectEast owns the EastLink tollroad that stretches 39 kilometres and connects Melbourne to the Mornington Peninsula.

Its shareholders include APG, which has a 15 per cent stake, Korea’s National Pension Service , NZ Superannuation Fund , CIC , Teachers Insurance and Annuity Associate of America , UK-based Universities Superannuation Scheme , Denmark’s ATP .co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

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