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White & Case Advises Lenders on Reliance Rail Debt Refinancing

Global law firm White & Case LLP has advised the syndicate of lenders to Reliance Rail Pty Ltd (Reliance Rail) on the AU$1.8 billion, 21-year Green Sustainability-Linked Loan (GSLL) to fully refinance its existing debt facilities.

"This is a novel GSLL as it is a Green Loan as well as a Sustainability-Linked Loan," said White & Case partner Cameron Watson, who co-led the Firm's deal team. "In addition, any margin savings on the loan are to be used exclusively to fund sustainability initiatives such as carbon and emissions reduction projects."

Reliance Rail is a Public Private Partnership with the New South Wales Government established to design, manufacture and maintain 78 Waratah Trains, which make up approximately a third of Sydney's suburban passenger fleet, and the Auburn Maintenance Centre, which maintains over 60 percent of Sydney Trains' passenger fleet. The syndicate of lenders comprises BNP Paribas, Commonwealth Bank of Australia, DZ Bank, Industrial and Commercial Bank of China, Kookmin Bank, Mizuho Bank, National Australia Bank, Natixis, Nippon Life, Norinchukin, Sumitomo Mitsui Trust Bank and Westpac.

"The long term of 21 years for this GSLL eliminates Reliance Rail's refinancing risk for the remainder of the project," said White & Case partner Joel Rennie, who co-led the Firm's deal team. "We believe that this landmark transaction is just the first and that other mature PPPs will pursue similar transactions."

The White & Case team in Sydney which advised on the transaction was led by partners Joel Rennie and Cameron Watson, with support from associates Danielle Ingham, Chris Wallace and Shika Hegde.

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