ConnectEast, the project owner of the Eastlink tollway project, has successfully completed refinancing for the project. ConnectEast is responsible for financing, design, construction, maintenance and operation of EastLink tollway, which connects the Eastern Freeway to Peninsula Link and Frankston Freeway in Melbourne. The new syndicated debt facility has refinanced AUD801.5million (US$576.44 million) ConnectEast's existing bank debt as well as AUD300 million (US$215.76 million) of Australian medium-term note (AMTN) debt. Allen & Overy acted as advisers to ConnectEast for this refinancing transaction. ConnectEast is contracted by the Victorian Government to maintain and operate the Eastlink tollway in 2004. The concession expires in 2043. This refinancing will enable ConnectEast to continue maintaining and operating one of Melbourne's vital arterial roads.