Winners of the Debt Deal of the Year - Derek Crombie (Central Plains Water), Natalie McClew (ANZ), Raynor McMahon (Westpac). Photo / Garry Brandon
Borrower: Central Plains Water
Joint lead arrangers: ANZ NZ and Westpac NZ
The winning deal involved syndicated debt financing for the construction of stage 1 of a large-scale irrigation project in Canterbury.
Through the Central Plains Water Enhancement Scheme, which will be built in stages, the Waimakariri and Rakaia Rivers will be linked by a 56km canal.
The project, with an estimated total cost of $385 million, will also construct 500km of underground piping that will distribute water on to 60,000ha.
The first stage of construction, which the debt deal financed, began in March last year. The judges said the transaction stood out for its complexity and the demands to balance the requirements of project finance with the needs of farmers within a co-operative structure. The deal achieved timely and cost-effective funding.
"The standout factor was the substantial benefits flowing into the New Zealand economy from this scheme and others to follow. Overall, the deal showcased the ability of ANZ and Westpac to closely work together so as to achieve market leading and innovative financing solutions that deliver high-value outcomes for their clients."
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