Pūhoi to Warkworth PPP – Refinancing

Mafic acted as Debt Advisor to the NX2 Limited Partnership to refinance the senior debt facilities of the recently operational Pūhoi to Warkworth PPP
NX2 was mandated by Waka Kotahi to finance, design, construct, and maintain the road for a 25-year concession period post completion
The scope of Mafic’s role also included construction of a financial model, advice in relation to the recalibration of the performance regime and engagement with Waka Kotahi and NZ Treasury to obtain refinancing consent, and assist once in the negotiation of refinancing gain calculations

Designed and delivered a flexible approach to refinancing whereby NX2 maintained optionality to execute on an amend & extend or full refinance option as the project developed
Conducted wide-ranging debt process across existing syndicate members and new lenders, cumulating in the formation of an enhanced syndicate
Developed a new operations phase financial model, incorporating NX2 shareholder and stakeholder functionality requirements