Westpac NZ is pleased to have helped Auckland's water and wastewater service provider, Watercare, to secure $3.4 billion of committed bank debt facilities.
Westpac acted as the sole agent bank and a joint mandated lead arranger, underwriter and bookrunner alongside several other banks.
The debt facility will allow Watercare to continue improving its services for the Auckland region, following its financial separation from Auckland Council which comes into effect today.
Westpac NZ Managing Director of Institutional and Business Banking, Reuben Tucker, says banks have a key role to play in helping fund improvements and future-proofing of New Zealand's infrastructure.
"We're pleased to have worked with Watercare and the other banks involved to successfully complete one of the most significant bank debt transactions in New Zealand's history," Mr Tucker says.
"We have provided Watercare with a range of banking support across multiple areas and are excited to help facilitate this unique offering.
"More broadly, we want to support businesses large and small with their growth aspirations and help attract investment into critical infrastructure projects.
"Our corporate and small business lending has grown faster than the market over the past 12 months, and this will continue to be a focus area for us as we lend to help the economy grow."
