Watercare Financial Separation and Capital Raise

Mafic acted as sole financial and commercial advisor to Watercare in relation to their financial separation from Auckland Council, which occurred on 1 July 2025
This engagement saw Mafic restructure a $4 billion shareholder loan into an arm’s length arrangement and raise $3.4 billion of corporate bank debt facilities
In addition to executing the capital raise, Mafic led compilation of a comprehensive short to medium term financing strategy, incorporating a multi-market DCM plan; managed the process to secure an external credit rating; designed the optimal capital structure; and supported legislative and regulatory workstreams

Secured a strong investment grade credit rating from Moody’s that has since supported competitively priced wholesale bond issuance in multiple markets
Delivered an oversubscribed and market-leading debt package sufficient to deliver a significant capex programme
Enabled off balance sheet funding solutions under the regulatory regime to future proof the capital raising strategy