Baker & McKenzie advised UniSuper on the refinancing of the Prospect Water Partnership (PWP). PWP (a partnership between UniSuper and Suez) operates and maintains the Prospect Water Filtration Plant. The transaction involved the refinancing of an existing ANZ-led bank syndicate with debt from UniSuper to both partners and an extension until 2035 of the Water Filtration Agreement concession with Sydney Water Corporation.
The Prospect Water Filtration Plant is one of the world’s largest water filtration plants with a capacity to provide drinking water for up to 85 per cent of Sydney’s population, making it one of Sydney’s most critical pieces of infrastructure. The fourteen year addition is valued at approximately $AUD1 billion.
Lead partner on the deal, Sean Rush commented: "This was a challenging and complex transaction that was many years in the making and had many facets. Ultimately a very satisfying outcome for all parties involved with a great outcome for the community."
Sean was assisted by a team who worked on the transaction including: David Cooper, Peter McMahon, George Harris, Geoffrey Wood, Lewis Apostolou, Howard Fraser, Stephen Watts, Sean Duffy, David Walter, Franco Aversa, Teresa Ientile, Angela Cowan, Robyn Farrell, Ana Gomiero-Guthrie, Fiona Eliott, Serena Chow, Bernice Ng, Emma Hunter, Justin Wong, Audrey Sam, Emily Hunter, Matthew De Cataldo, Nicholas Kraegen, Lauren Drake, Kelvin Lau, Helena Lau, Joseph Bates and Andrea Hingeley.
Ownership of the Prospect Water Filtration Plant will transfer to Sydney Water in 2035.