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What are the refinancing provisions of the Warkworth to Te Hana Project Agreement, if any, including whether NZTA's consent is required before the Northway consortium may refinance, how a refinancing gain is defined and calculated, what share of any refinancing gain accrues to NZTA or the Crown, whether any threshold, carve-out or exempt refinancing category applies, and whether any refinancing gain-share is assumed in the $3.649 billion net present value figure?

Answered Question 35871 (2026)
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Asked by

Tangi Utikere

Member for Palmerston North · Labour Party

Question

  • What are the refinancing provisions of the Warkworth to Te Hana Project Agreement, if any, including whether NZTA's consent is required before the Northway consortium may refinance, how a refinancing gain is defined and calculated, what share of any refinancing gain accrues to NZTA or the Crown, whether any threshold, carve-out or exempt refinancing category applies, and whether any refinancing gain-share is assumed in the $3.649 billion net present value figure?

Answered by

Hon Chris Bishop

Member for Hutt South · National Party · Minister of Transport

Answer

NZTA has certain consent rights to refinancings and will share in refinancing gains in specific circumstances. Some carve-outs do apply. Refinancing gain share is not assumed in the $3.649b NPV figure.