Hastings Hires 11 Banks for Sydney Desalination Plant Loan

Eleven lenders will provide A$1.6 billion ($1.6 billion) of debt to help Hastings Funds Management Pty and Ontario Teachers’ Pension Plan lease the Sydney Desalination Plant from Australia’s New South Wales state.

The loan will be split into facilities that mature in three and five years, according to Lisa Henderson, Hastings’ Melbourne-based director of marketing and communications. The banks aren’t expected to sell the debt in syndication, Henderson said, declining to name the lenders.