Netflow OSARs (Western) Finance Ltd A$400 million Senior Secured Private Placement

December 2017 – Netflow, a Cintra and Plenary joint venture, the successful bidder for the Victorian Western Roads Upgrade project, appointed DTW Capital as the consortium’s exclusive capital markets advisor for the long-term financing component of the project’s A$720 million financing.   The 22-year financing tenor (including construction), supported the Victorian Government’s largest investment in arterial roads to date. DTW’s key work streams included: advising Netflow on the pre-bid terms, structure, pricing and execution process for the capital markets issue; identifying potential note purchasers and coordinating the investor’s legal and DD process.  DTW managed the investor group to meet the various stages of Government approvals pre and post bid through to successful settlement in late December 2017. The OSARs Note subscribers included a syndicate of leading global institutional investors based in Europe, North America and Australia.
The OSARs financing was a groundbreaking financing for the market and the first green-fields financing for an availability-based public-private partnership in Australia since the Global Financial Crisis.