Brisconnections, page-4

BrisCon's biggest lender agrees to $2b-plus AirportLink sale

• 
  

Brisbane tollroad AirportLink could be sold before the end of the year after its largest lender, Macquarie Group, agreed to plans to put the road up for auction.
It's understood BrisConnections receiver PPB Advisory will write to the bankrupt tollroad owner's other banks on Wednesday, saying Macquarie was in favour of a sale and seeking their support to launch the transaction.
Macquarie owns just over one-third of BrisCon's $3.6 billion debt pile, while other lenders include ANZ Banking Group, Belgium's KBC, United Overseas Bank and UniCredit Group.
Hedge funds, including global firm Och-Ziff Capital Management and Soulus Alternative Asset Management, and a number of investment banks' proprietary trading desks also have minority stakes, sources said.

Macquarie's chance of heart means AirportLinkM7 could be up for auction within weeks and sold before the end of the calendar year. The Australian bank blocked plans to sell the road as recently as a lender meeting in October and called on fellow lenders to delay the sale.
Macquarie declined to comment. PPB was not immediately available to comment.
Transurban, which paid $7.05 billion for Brisbane's five other tollroads last year, is expected to take a look, along with other tollroad owners including IFM Investors, Spain's Abertis Infraestructuras and Hastings Funds Management.
BrisConnections went into receivership in February 2013 and insolvency firm PPB was appointed receiver.


Fort Street is advising BrisCon's lenders and is expected to play a role in the sale. Macquarie Capital, the Australian bank's investment banking arm, will also be involved.
AirportLink's sale is likely to be the last in a long-line of bankrupt tollroads to head to auction. RiverCity's ClemJones Tunnel was sold to Queensland Motorways in December 2013, while ASX-listed Transurban picked up Sydney's Cross City Tunnel last March.
The sector's largest deal was Transurban's $7.05 billion purchase of the Queensland Motorways portfolio last April. Transurban bid alongside AustralianSuper and Abu Dhabi Investment Authority's Tawreed Investments.