Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised the financiers to Stonepeak and Spirit Super for their acquisition of GeelongPort.
GeelongPort is the second largest port in Victoria, managing over A$7 billion of trade each year. Under its new ownership, US infrastructure investor Stonepeak will hold a majority 70% interest while Australian superfund Spirit Super will have a 30% stake of the A$1 billion+ asset.
The financiers to Stonepeak and Spirit Super comprise a syndicate of domestic and offshore banks. The facility was underwritten by CBA, Westpac and MUFG.
Led by partners James Abbott, Adam Stapledon and Simon Huxley, Corrs advised the financiers on the syndicated debt facility to fund the transaction. The team was supported by senior associate Catherine Dawson, associate Danika Whitehead and other experts from across the banking and finance, and projects teams.
Commenting on the matter, partner James Abbott said: “We were very happy to advise the local and international underwriters and lenders with respect to the funding for this very significant acquisition. Stonepeak and Spirit Super have acquired an excellent asset, a major trade gateway in Australia with very strong fundamentals that was well supported in the bank market.
"Congratulations to all involved for reaching financial close,” Mr Abbott added.