Northland Corridor Programme (Section 1) PPP Financing

Mafic acted as sole financial advisor to the Northway consortium on the NZ$3.6 billion Warkworth to Te Hana Public-Private Partnership — the largest PPP in New Zealand’s history
Northway was mandated by the NZ Transport Agency Waka Kotahi to finance, design, construct, and maintain the road for a 25-year concession period post completion
The project delivers a critical section of the link to Northland, and comprises a 26km four-lane highway between Warkworth and Te Hana, including a twin- bore tunnel of more than 1km through the Dome Valley and three new interchanges at Warkworth, Wellsford and Te Hana
The Northway consortium comprises Acciona Concesiones SL, aberdeen Investments via its Global Sustainable Infrastructure GP IV, Acciona Construction New Zealand and Acciona M&E New Zealand

Procured debt finance for the highly geared project finance structure, managing and executing a competitive lender selection process to raise over $2.3bn of project finance debt facilities (through Construction phase and into Operations)
Structured and undertook a market sounding process of over 30 prospective lenders, including banks with structuring capability, NZ project experience, and relationships with the international project sponsors
Appointed a ‘lead’ lender group with structuring capability and certainty of delivery to streamline discussions on commercial, structuring and risk positions that drove an efficient outcome for the client and a banked outcome across complex commercial and risk positions
Developed the financial model, incorporating shareholder and lender functionality requirements as well as innovative solve mechanics