Clifford Chance (CC) has landed the latest major Macquarie Infrastructure Group deal, advising on its £1.03bn M6 toll road refinancing.

CC capital markets partner Kate Alliott, supported by associates Derwin Jenkinson and Alex Paul, led the magic circle firm's team advising Macquarie, which is the owner of the toll road.

CC was instructed on the deal about a year ago after long-standing client Macquarie approached the firm. CC has advised Macquarie on major projects including the refinancing of Bristol International Airport last year.

The deal involved the refinancing of the road, in which the Australian investment bank raised £1.03bn of debt to repay £620m of debt previously owed, with payments generated from the toll acting as security.

Linklaters projects partner Clive Ransome and associate Richard Ginks advised the funding banks including Calyon, Dresdner Bank, Banco Santander Central Hispano and Banco Espirito Santo.

Allen & Overy projects partner Anne Baldock and associate Dan Cocker advised Lloyds TSB, which acted as facility agent at the head of the outgoing syndicate of banks. The firm had also advised Lloyds on the original financing of the toll road.