WATPAC has secured a new $170 million syndicated banking facility from a syndicate of banks including Bank of Queensland, BNP Paribas, Commonwealth Bank and HSBC.
Watpac managing director Martin Monro said reflecting a $50 million increase in Watpac’s bank guarantee issuing capacity, the new facility also provides improved terms and conditions and extends the group’s facilities maturity profile.
HSBC acted as mandated lead arranger and bookrunner for the new facility, with CBA selected as syndicate agent and security trustee, and the group’s incoming transactional banker.
“The new facility and syndicate composition is testament to the group’s financial and operational strength and credibility as a leading national construction and mining contracting group.
“We are delighted to be working with a syndicate of banks who understand our business and the sectors in which we operate, and support our aspirations for the considered growth and evolution of our operations around the country,” he added.
Monro said the new arrangements enhance the group’s ability to deliver multiple large-scale projects while continuing to target projects that have high barriers to entry including significant social infrastructure contracts.
Australian Property Journal
