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Thursday, 25 May 2017

MIRA wins Endeavour Energy

PFI Issue 601 - May 17, 2017

The Advance Energy consortium comprising MIRA (30.16%), AMP Capital on behalf of Rest Super (25%), Qatar Investment Authority (19.84%) and British Columbia Investment Management (25%) have won the bidding for New South Wales government-owned poles and wires company Endeavour Energy with a bid of A$7.624bn US$5.6bn).

Loy Yang B sale gathers steam

PFI Issue 601 - May 17, 2017

The sale process for the coal-fired Loy Yang B power station in Victoria is gathering steam, with financial adviser, Rothschild asking for bids by May 19. It is unlikely that existing power station owners such as AGL and Alinta will make bids but private equity players such as KKR, Blackstone and Pacific Equity Partners are expected to do so.

Genesis Energy issues bonds

PFI Issue 601 - May 17, 2017

Genesis Energy is issuing NZ$225m (US$195m) of 30 year subordinated unsecured capital bonds to institutional investors and New Zealand retail investors. The offer will open with an indicative margin range of 2.75% to 2.95%. The final margin will be announced later this week.

Govt to push for more PPPs

PFI Issue 601 - May 17, 2017

The New Zealand government will table its budget next month and will encourage government agencies to borrow for infrastructure development in their own right.

Bids in for Aurizon logistics

PFI Issue 601 - May 17, 2017

First-round bids for Aurizon Holdings logistics business were submitted last Friday, with Pacific National, Qube Holdings, Pacific Equity Partners, Morgan Stanley Infrastructure and Macquarie Infrastructure and Real Assets and SCT Logistics believed to be among the bidders. The auction is being handled by UBS.

Coal mine sales prove popular

PFI Issue 601 - May 17, 2017

Higher coking coal prices has provided an inducement to the established coal mining companies to sell their coal mines.

Fortescue in US$1bn bond issue

PFI Issue 601 - May 17, 2017

Western Australian iron ore miner Fortescue Metals Group (FMG) is issuing US$1bn of unsecured notes in the US market to repay debt. The company had US$2.8bn net debt at the end of the March quarter, which represented net gearing of 22%. JP Morgan, Credit Suisse, Deutsche Bank and Morgan Stanley are handling the deal.

Transcontinental gas pipeline still a pipe dream

PFI Issue 601 - May 17, 2017

The building of a transcontinental gas pipeline from Western Australia to connect with the main pipeline connecting the east coast at Moomba South Australia is likely to continue as a pipe dream, with the Australian government committing only A$3.7m (US$2.7m) in its budget announced last week for a feasibility study rather than, as had been expected, a concessional loan of around A$1bn.

Origin appoints Lattice Energy IPO banks

PFI Issue 601 - May 17, 2017

Origin Energy has hired Bank of America Merrill Lynch to work on the proposed float of its US$1.5bn-plus oil and gas arm Lattice Energy. BAML joins the Lattice Energy ticket as a joint lead manager alongside Origin Energy’s financial advisers Macquarie Capital and UBS.

Quadrant Energy IPO banks firm up

PFI Issue 601 - May 17, 2017

Goldman Sachs and UBS have secured mandates on a A$4bn (U$2.9bn) float of Western Australian gas business Quadrant Energy. The two banks join the previously appointed Macquarie Capital. The expected listing will trigger a refinancing of Quadrant’s US$940m of debt.

CEFC funds biofuel

PFI Issue 601 - May 17, 2017

 

Ratch Australia reaches FC on Collinsville solar

PFI Issue 601 - May 17, 2017

Ratch Australia has achieved financial close on its US$75m, 43MW Collinsville solar project in Queensland. The project was funded through a 10-year A$60m loan from the Clean Energy Finance Corp and a A$9m grant from the Australian Renewable Energy Agency. The project will have a 13-year PPA from Alinta Energy.

Goldwind reaches FC on solar and wind projects

PFI Issue 601 - May 17, 2017

China’s Goldwind has reached financial close on the 20MW White Rock Solar Farm in New South Wales and the acquisition of the Stockyard Hill wind farm project in Victoria.

All Australia, NZ and PNG