Ropes & Gray Advises InfraBuild on $150M Bond Deal.
Ropes & Gray has advised InfraBuild, Australia’s only fully integrated steelmaker, on a $150 million bond issuance and related amendments to its existing notes.
The deal, strongly backed by bondholders, enhances InfraBuild’s liquidity and financial flexibility amid a tough market environment.
A substantial majority of bondholders approved the transaction, enabling InfraBuild to repay its outstanding asset-based loan facility, originally dated May 26, 2023, with proceeds from the new notes.
Following the repayment, the notes will be secured on a first-lien basis over substantially all of the company’s assets.
The deal also releases previously escrowed funds from ABTL financing back to InfraBuild’s balance sheet, boosting its pro forma free cash position to more than AU$700 million as of March 31, 2025.
Alongside the financial restructuring, InfraBuild secured an extension to file its audited FY24 financial statements, now due by May 31, 2025.
The company also implemented enhanced governance measures and strengthened internal controls, aimed at improving transparency and reinforcing investor confidence.
InfraBuild’s CEO Francisco Irazusta described the deal as a crucial step forward, saying it places the company on firmer financial ground during a volatile period while supporting long-term growth and sustainability goals.
Mr. Irazusta emphasized that the agreement allows InfraBuild to keep investing in innovation and technology, efforts that align with its mission to provide high-quality, sustainable steel for the Australian construction and infrastructure sectors.
"With the financial surety of this transaction, InfraBuild can continue its work supporting the building of Australia with sustainable steel made in this country, while investing in growing our business using new technology and innovation to deliver the very best products and services for our customers."
The company also announced that two board members, Monica Middleton and Sandip Biswas, have stepped down following meaningful contributions to InfraBuild’s recent evolution.
Mr. Irazusta thanked them for their leadership and said their influence would have a lasting impact. New board appointments are expected soon.
A spokesperson representing a group of bondholders praised the outcome, calling it a win-win that strengthens InfraBuild’s credit profile, enhances governance practices, and secures bondholders’ position through new first-lien protections.
The representative said the group remains confident in InfraBuild’s ability to navigate current headwinds and come out stronger as the market recovers.
The legal team at Ropes & Gray was led by finance partner Michael Kazakevich and counsel Alexandru Mocanu, with support from associates Clara Melly, Alma Yasin, and Anushka Shah.
Ropes & Gray is a global law firm providing comprehensive legal services to clients across a wide range of industries. With a reputation for excellence, the firm is known for its expertise in areas such as corporate law, private equity, M&A, intellectual property, litigation, regulatory matters, and finance.
Founded in 1865, Ropes & Gray has grown to include offices in major cities around the world, including New York, London, Hong Kong, and Boston.
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