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Hastings Hires 11 Banks for Sydney Desalination Plant Loan

May 16 (Bloomberg) -- 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.

Hastings and Ontario Teachers won the right to a 50-year lease for the water treatment plant, the pipeline, the site and a same-length supply agreement with Sydney Water for A$2.3 billion earlier this month, Hastings said on May 11. The deal is part of Australia’s most populous state’s plan to raise funds for infrastructure projects and debt repayment.

Australia & New Zealand Banking Group Ltd., Bank of Tokyo-Mitsubishi UFJ Ltd., Commonwealth Bank of Australia, Credit Agricole SA, Export Development Canada, HSBC Holdings Plc, Morgan Stanley, National Australia Bank Ltd., Royal Bank of Canada, Sumitomo Mitsui Banking Corp. and Westpac Banking Corp. will provide the funds, a person familiar with the matter said today, declining to be identified because the details are private.

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net

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