Quantcast

As a specialist in corporate, acquisition, structured property and project finance, Dan Fitts has played a leading role in the negotiation and documentation of major privately financed projects in Australia and internationally, including advising on the financing aspects of toll road, power, health and other infrastructure projects.

Dan has extensive experience in the area of PPPs, projects generally and project finance, having acted for a number of sponsors, banks and governments across those areas.

Read More

Expertise

Expand all

Project Finance

Victorian Road PPPs: Dan has advised the Victorian Government for over 25 years on all toll road projects undertaken in the State, including CityLink, EastLink and West Gate Tunnel.  Dan continues to provide ongoing advice across all current projects, including recent refinancings of EastLink financing arrangements.  Dan is also currently a lead member of the team advising Government on the procurement of the $15.7b North East Link Project, the largest transport PPP undertaken in the State's history.  Dan also advised the State on the Peninsula Link and East West Link availability PPP road projects   Dan continues to provide advice on Peninsula Link contract administration issues..

Victorian Desalination Plant Project: Dan was the team leader advising the successful AquaSure consortium (comprising Macquarie, Thiess, Degremont and Suez Environnement) who designed, built and continue to operate the $5.7 billion desalination plant in Victoria. He advised on all aspects of the successful bid, and continues to advise on contract administration issues during the operation phase.

Hospital PPPs: Dan has advised government on a range of hospital PPP projects including the Bendigo Hospital, Royal Children's Hospital, La Trobe Regional Hospital and the New Royal Adelaide Hospital.  Dan also advised the Exemplar Health Consortium on all aspects of its winning bid to design, build, operate and maintain the $2 billion Sunshine Coast University Hospital.

Prison PPPs: Dan has advised the Victorian Government on several prison PPPs including Ravenhall Prison, the Victorian Correctional Facilities Project and the Deer Park Women's Prison.  Dan continues to provide advice including most recently advising on the refinancing of the Ravenhall Prison debt facilities.

Abbot Point Coal Terminal: Dan acted for a syndicate of financiers on the proposed senior secured debt facilities to be provided to a consortium to finance its bid for the 99-year lease to operate the Abbot Point Coal Terminal. The consortium bid was part of a competitive tender process and involved tight timeframes and complicated finance structuring. The asset was being sold in the midst of a major expansion project which complicated the financing structure. Subsequently, Dan acted for the syndicate of financiers in refinancing, on a project finance basis, the successful bidder's original corporate-based acquisition facilities.

Swinburne University Redevelopment: Dan was the primary legal adviser to NM Rothschild & Sons (Australia) Limited as project sponsor and financier on to the $100 million development of two mixed use commercial and student accommodation buildings on Swinburne's Hawthorn Campus. Dan co-ordinated and advised on all aspects of the transaction including the project, leasing, financing and operational documentation.

Nepal Independent Power Project: Dan was lead adviser to the sponsor of a proposed major BOOT hydro-electric power project in Nepal. The $1.5 billion project was proposed to generate and export large quantities of electricity to neighbouring Indian states. Dan's role included the drafting of the State Project Agreement, Power Purchase Agreement and EPC Construction Contract, including negotiations in Kathmandu, Delhi and Beijing with relevant project counterparties.

Basslink: Dan advised the Hydro-Electric Corporation on the $850 million Basslink project. This included negotiating the commercial arrangements between the Hydro-Electric Corporation and the project developer, Basslink Pty Ltd, as well as co-ordinating and advising on all aspects of project delivery and financing arrangements.

See Project Finance

Construction and Major Projects

Victorian Toll Roads – EastLink and CityLink: Dan led the team advising the Victorian Government on the $2.2 billion Melbourne City Link Project and the A$3.5 billion EastLink Project. He has provided ongoing legal advice, specialising in finance and security matters, including all aspects of the refinancing of the initial City Link project financing arrangements. Dan's role involves the ongoing provision of general legal advice to the government authorities overseeing the BOOT projects. Most recently, Dan advised the State on the refinancing of ConnectEast's senior debt facilities, financing aspects of the Tulla-City Link Widening Project, and the commercial arrangements for the $1.4 billion Monash-City Link-West Gate upgrade.

East West Link – Eastern Section: Dan was the lead project finance adviser to Linking Melbourne Authority on the northern cross-city route linking the Eastern Freeway, CityLink and the Western Ring Road, the first stage of which (the $5.7 billion Eastern Section) was to link the Eastern Freeway to the Tullamarine Freeway at CityLink. Dan advised on financing and funding options (including structuring and drafting of the State Contribution arrangements), and payment and financing aspects of the project documentation (including structuring and drafting of the Payment Mechanism and Abatement Regime and the Early Completion Incentive).

Victorian Desalination Plant Project: Dan was the team leader advising the successful AquaSure consortium (comprising Macquarie, Thiess, Degremont and Suez Environnement) who designed, built and continue to operate the $5.7 billion desalination plant in Victoria. He advised on all aspects of the successful bid, and continue to advise on contract administration issues during the operations phase.

Ravenhall Prison: Dan advised the Department of Justice (VIC) on this new PPP prison project to be delivered in accordance with the National PPP Guidelines and the Partnerships Victoria Requirements.

Bendigo Hospital: Dan advised the Victorian Government on this $630 million PPP project, which includes a new acute hospital, a new mental health inpatient facility and a new integrated cancer centre.

Sunshine Coast University Hospital: Dan advised the Exemplar Health Consortium on all aspects of its winning bid to design, build, operate and maintain the $2.03 billion Sunshine Coast University Hospital.

New Royal Adelaide Hospital Project: Dan advised the South Australian Crown Solicitor's Office on the private financing, construction and maintenance of the New Royal Adelaide Hospital, This  included reviewing and advising on the financing and security arrangements.

Royal Children's Hospital Redevelopment Project: Dan advised the Victorian Government on the private financing, construction and maintenance of the new Royal Children's Hospital Redevelopment Project. He reviewed and advised on the financing and security arrangements, and led detailed negotiations with the project proponent on termination payments, quarterly service payments and other financial aspects of the project documents.

Peninsula Link: Dan advised the Victorian Government (Linking Melbourne Authority) on the $759 million PPP toll road project. This 27km road, linking the Frankston and Mornington Peninsula Freeways, was the first Australian road project to be delivered using an availability style payment structure. This included reviewing the finance and security aspects of the project documentation, and in particular all matters relating to the "GFC provisions" (market disruption, refinancing gain/loss sharing, and swap break costs).

Abbot Point Coal Terminal: Dan acted for a syndicate of financiers on the proposed senior secured debt facilities to be provided to a consortium to finance its bid for the 99-year lease to operate the Abbot Point Coal Terminal. The consortium bid was part of a competitive tender process and involved tight timeframes and complicated finance structuring. The asset was being sold in the midst of a major expansion project which complicated the basis on which it was to be financed. Subsequently, Dan acted for the syndicate of financiers in refinancing, on a project finance basis, the successful bidder's original corporate-based acquisition facilities.

Swinburne University Redevelopment: Dan was the primary legal adviser to NM Rothschild & Sons (Australia) Limited as project sponsor and financier on the $100 million development of two mixed use commercial and student accommodation buildings on Swinburne's Hawthorn Campus. Dan co-ordinated and advised on all aspects of the transaction including the project, leasing, financing and operational documentation.

Mundaring Water Treatment Project: Dan advised the DBOM Joint Venture on its successful bid to design, build and operate the Western Australian-based facility, which will be developed as a PPP project. In this role Dan focused on finance and security aspects, including relevant consent deeds with financiers.

Nepal Independent Power Project: Dan was lead adviser to the sponsor of a proposed major BOOT hydro-electric power project in Nepal. The $1.5 billion project was proposed to generate and export large quantities of electricity to neighbouring Indian states. Dan's role included the drafting of the State Project Agreement, Power Purchase Agreement and EPC Construction Contract, including negotiations in Kathmandu, Delhi and Beijing with relevant project counterparties.

Basslink: Dan advised the Hydro-Electric Corporation on the $850 million Basslink project. This included negotiating the commercial arrangements between the Hydro-Electric Corporation and the project developer, Basslink Pty Ltd, as well as co-ordinating and advising on all aspects of project delivery and financing arrangements. 

See Construction and Major Projects

Banking and Finance

AusGrid Privatisation: Dan advised the syndicate of lenders on the $16 billion acquisition of a controlling interest in the Ausgrid NSW electricity distribution business.  This included structuring and documenting the debt facilities of over $13 billion with a syndicate of over 30 banks.  Dan continues to provide advice to lenders in respect of various syndicated and bilateral facilities provided to Ausgrid.

Pacific National:  Dan advised the syndicate of lenders to the Pacific National rail business as part of the $9.2b demerger of the Asciano group. 

PAG: Dan regularly advises Pacific Alliance Group on the financing of their offshore investment funds that raise funding for secondary debt and property investments in Australia. 

Singapore Power: Dan was lead partner to the syndicate of over 25 banks on the $3.4 billion financing of Singapore Power's Australian operations. He also advised lenders to Singapore Power on a range of subsequent bilateral and syndicated facilities.

Macquarie Capital – Regis Aged Care: Dan advised ANZ as arranger and agent on the $505 million financing of the group formed by the merger of the Retirement Care Australia and Regis aged care businesses. He continues to provide ANZ with ongoing advice on this matter on ongoing amendments to the financing facilities, including the listing of the Regis Group on the ASX.

Borrowers: Dan has advised a range of corporate borrowers including Skilled Group, Spotless, Grand Hotel Group, Cotton On, Transpacific and Tatts Group on both standard corporate financings and those supporting major corporate acquisitions and takeovers.

Other Corporate Finance: Dan has advised lenders on a range of corporate facilities provided to borrowers including Bluescope, Myer, OZ Minerals, Gandel Group, Heinz, Beach Energy, Sapphire Aged Care, Nationwide Buslines, EnergyAustralia, Spotlight Group, CitiPower and Powercor.

National Australia Bank property projects: Dan advised NAB on a range of property financings including the $250 million AXA Headquarters project, the $300 million Melbourne Civic City development in the Docklands precinct, the $300 million financing of the acquisition of the Myer Bourke St property and the $300 million "Bourke Junction" project at 700 Bourke St.

161 Castlereagh St Project: Dan acted for ANZ on the $800 million development of ANZ's Sydney headquarters at 161 Castlereagh St.

APN Industria REIT: Dan acted for NAB and ANZ as financiers to the APN Industria REIT upon its listing on the ASX

See Banking and Finance

Corporate Finance

Singapore Power: Dan was lead partner to the syndicate of over 25 banks on the $3.4 billion financing of Singapore Power's Australian operations. He also advised lenders to Singapore Power on a range of subsequent bilateral and syndicated facilities.

Macquarie Capital – Regis Aged Care: Dan advised ANZ as arranger and agent on the $505 million financing of the group formed by the merger of the Retirement Care Australia and Regis aged care businesses. He continues to provide ANZ with ongoing advice on this matter on ongoing amendments to the financing facilities, including most recently the listing of the Regis Group on the ASX.

Borrowers: Dan has advised a range of corporate borrowers including Skilled Group, Spotless, Grand Hotel Group, Cotton On, Transpacific and Tatts Group on both standard corporate financings and those supporting major corporate acquisitions and takeovers.

Other Corporate Finance: Dan has advised lenders on a range of corporate facilities provided to borrowers including Bluescope, Myer, OZ Minerals, Gandel Group, Sapphire Aged Care, Nationwide Buslines, EnergyAustralia, Spotlight Group, CitiPower and Powercor. 

See Corporate Finance

Property Finance

Dan has over 15 years' experience advising lenders and borrowers across the full range of commercial and residential property financings, including acquisitions of investment properties and development of new projects.

National Australia Bank property projects: Dan advised NAB on a range of property financings including the $250 million AXA Headquarters project, the $300 million Melbourne Civic City development in the Docklands precinct, the $300 million financing of the acquisition of the Myer Bourke St property and the $300 million "Bourke Junction" project at 700 Bourke St.

161 Castlereagh St Project: Dan acted for ANZ on the $800 million development of ANZ's Sydney headquarters at 161 Castlereagh St.

APN Industria REIT: Dan acted for NAB and ANZ as financiers to the APN Industria REIT upon its listing on the ASX. 

See Property Finance

Knowledge

    Related knowledge information is loading