AusSuper, big four banks combine for whopper $3.58 billion infrastructure bid.
James AlcockLending sources told Street Talk AusSuper/Singtel’s Australian Tower Network had lined up $2.6 billion in bank debt, including $1.5 billion specifically for Axicom and $1.1 billion to refinance existing loans.and five new banks. All four of the big Australians were represented.The new faces included Australia’s ANZ Banking Group and Westpac Banking Corp, Singapore’s DBS and United Overseas Bank and Canadian Scotiabank.
AustralianSuper’s Nik Kemp said: “Axicom has all of the characteristics we are looking for in an infrastructure asset”.That left about a $2.1 billion equity cheque for ATN’s owners, AusSuper and Singtel. So the rest, about $1.9 billion according to our back of the envelope calculations, came from Aussie heavyweight AusSuper, which increased its ATN stake to 82 per cent as part of the transaction, and once again reminded everyone fearless it can be in such auctions.
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