Port of Brisbane

QPH Finance Co Pty Limited A$100 million 4.71% Guaranteed Senior Secured Notes due August 16, 2043

August 2018 – DTW acted as the Australian capital markets adviser to a consortium of South Korean institutions.  DTW successfully advised the consortium on the A$100m 25-year fixed-rate loan in USPP format.  From the investors’ perspective, the transaction included a third-party credit support arrangement from Assured Guaranty which significantly improved the regulatory capital treatment for the investment and delivered demonstrable pricing and structural efficiencies to the borrower.  The financing was the first major Korean institutional investors in the Australian port sector.  The financing represents the most cost effective A$ ”natural” long-term financing completed for an Australian port issuer.

The QPH Finance Co Pty Limited financing resulted in a new long-term financing benchmark for the Australian port and corporate infrastructure sector and the first guarantee structure in Australia for over 10 years.