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.

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Expertise

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Banking and 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 in relation to 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 in relation to 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.


National Australia Bank property projects:
 Dan has 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 and the $300 million financing of the acquisition of the Myer Bourke St property. More recently, he acted for NAB as financier of the $300 million "Bourke Junction" project at 700 Bourke St, which is NAB's new office accommodation in Docklands.


161 Castlereagh St Project:
 Dan acted for ANZ on the $800 million development of ANZ's new 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 in December 2013.

 

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 in relation to 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 in relation to 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

National Australia Bank property projects: Dan has 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 and the $300 million financing of the acquisition of the Myer Bourke St property. More recently, he acted for NAB as financier of the $300 million "Bourke Junction" project at 700 Bourke St, which is NAB's new office accommodation in Docklands.


161 Castlereagh St Project:
 Dan acted for ANZ on the $800 million development of ANZ's new 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 in December 2013.

See Property Finance

Project Finance

East West Link – Eastern Section: Dan advised Linking Melbourne Authority on this proposed 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. As the lead project finance adviser, Dan's role included advising 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 leader of the team which advised the AquaSure consortium (comprising Macquarie, Thiess, Degremont and Suez Environnement) who were successfully appointed by the Victorian Government to design, build and operate a $5.7 billion desalination plant in Victoria. He advised on all aspects of the successful consortium bid, and continues to advise on contract administration issues during the operations phase.

 

Ravenhall Prison: Dan was part of the team that 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:
 As a member of the team that advised the South Australian Crown Solicitor's Office in relation to the private financing, construction and maintenance of the New Royal Adelaide Hospital, Dan's role included reviewing and advising on the financing and security arrangements.


Royal Children's Hospital Redevelopment Project:
 Dan was a member of the team advising the Victorian Government in relation to the private financing, construction and maintenance of the new Royal Children's Hospital Redevelopment Project. His role included reviewing and advising in relation to the financing and security arrangements, as well as detailed negotiations with the project proponent on termination payments, quarterly service payments and other financial aspects of the project documents.


Victorian Toll Roads – EastLink and CityLink:
 Dan is a leading member of the team advising the Victorian Government in relation to the $2.2 billion Melbourne City Link Project and the A$3.5 billion EastLink Project. He has provided ongoing legal advice on many aspects of these transactions, 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 in relation to 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.

 

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. Dan's role focused on 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 in relation to 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. Dan subsequently 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 in relation 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.

 

Mundaring Water Treatment Project: Dan was a part of the team advising 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. His role has been focusing 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 in relation to the $850 million Basslink project. Dan's role 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

East West Link – Eastern Section: Dan advised Linking Melbourne Authority on this proposed 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. As the lead project finance adviser, Dan's role included advising 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 leader of the team which advised the AquaSure consortium (comprising Macquarie, Thiess, Degremont and Suez Environnement) who were successfully appointed by the Victorian Government to design, build and operate a $5.7 billion desalination plant in Victoria. He advised on all aspects of the successful consortium bid, and continues to advise on contract administration issues during the operations phase.


Ravenhall Prison: 
Dan was part of the team that 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: As a member of the team that advised the South Australian Crown Solicitor's Office in relation to the private financing, construction and maintenance of the New Royal Adelaide Hospital, Dan's role included reviewing and advising on the financing and security arrangements.

 

Royal Children's Hospital Redevelopment Project: Dan was a member of the team advising the Victorian Government in relation to the private financing, construction and maintenance of the new Royal Children's Hospital Redevelopment Project. His role included reviewing and advising in relation to the financing and security arrangements, as well as detailed negotiations with the project proponent on termination payments, quarterly service payments and other financial aspects of the project documents.


Victorian Toll Roads – EastLink and CityLink:
 Dan is a leading member of the team advising the Victorian Government in relation to the $2.2 billion Melbourne City Link Project and the A$3.5 billion EastLink Project. He has provided ongoing legal advice on many aspects of these transactions, 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 in relation to 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.


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. Dan's role focused on 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 in relation to 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. Dan subsequently 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 in relation 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.

 

Mundaring Water Treatment Project: Dan was a part of the team advising 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. His role has been focusing 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 in relation to the $850 million Basslink project. Dan's role 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

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