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King & Wood Mallesons and Freehills have acted on a revolving credit facility agreement between the Commonwealth Bank of Australia and Ausdrill Limited.
Firms: King & Wood Mallesons (Ausdrill Limited), Freehills (Commonwealth Bank of Australia)
Area: Corporate finance
Value: $150 million
Key players: Senior associate Nathan Collins led the deal alongside partner Nicholas Creed (pictured) with the support of solicitors Edmund Chan and Robyn Maher.
Deal significance: The bilateral financing was structured such that other lenders in Australia or abroad can later finance on a club or syndicated basis, allowing Ausdrill to enjoy funding flexibility in the future.
“The innovative structure of this deal is indicative of what our clients expect; an anticipation of their needs over the full term of funding arrangements and consideration of their commercial objectives as a whole,” said Creed. “Flexible funding structures are a growing trend in the energy, resources and projects sector.”
Based in WA, Ausdrill is a diversified mining and services company with operations in Australia, the UK and Africa. The company provides services in mining, drill and blast, exploration, procurement and logistics, manufacturing, and telecommunications and last year achieved an ASX market capitalisation of $1 billion.
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