WestConnex M4 Projects financing

Sydney Motorway Corporation established a $1.7 billion AUD non-recourse senior debt facility for WestConnex M4 Widening and M4 East on 23rd November 2016.

The facility is secured by the M4 Project, including both M4 Widening and M4 East and has been provided by Commonwealth Bank of Australia, Credit Agricole CIB Australia, ING, National Australia Bank, Natixis and Westpac Banking Corporation.

The financing approach:

  • involves a $1.7 billion AUD non-recourse five and seven-year senior debt facility provided to the M4 project to finance the M4 Widening and M4 East construction and operations; and
  • supports a broader capital recycling strategy – delivering on a NSW Government priority for financing and providing a funding source for later stages of WestConnex.

WestConnex is being delivered by an innovative financing model which includes an initial contribution from the NSW and Australian governments, with private sector debt and tolling revenue providing the remaining funding for the project. Government equity can be sold down to fund any future projects, effectively recycling the NSW Government’s investment.