Sydney Airport Corporation Limited, A$585 million Fixed and Floating Rate Note Private Placement

May 2015 – DTW was appointed by Sydney Airport Corporation to provide financial advice relating to an A$585 million, 14 and 15-year private debt placement. The client had previously been advised by other parties that a financing of the structure, size and tenor envisaged would not be possible. DTW worked closely with the borrower to perfect a financing structure which delivered long dated “natural” A$ funding without the requirement for currency and interest rate swaps, or the inclusion of swap indemnity provisions in favour of investors.  The issue was designed to accommodate the borrower’s requirement for a two-stage forward draw-down in August and November 2015.  The financing syndicate represented a cross section of leading global fixed income investors including pension funds, insurance companies and money managers.

At the time, the Private Placement constituted the largest fixed-rate “natural” A$ private placement completed by an Australian corporate issuer.