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Three firms act on US debt-capital raising

Three firms act on US debt-capital raising

Baker & McKenzie, Bingham McCutchen and Henry Davis York have acted on a multi-million dollar debt-capital raising in the US market.

Firms: Baker & McKenzie (Emeco), Bingham McCutchen and Henry Davis York (note holders)

Deal: Debt-capital raising in the US Private Placement Market

Area: Capital markets

Value: $US140m

Key players: The Baker & McKenzie team was led by partners Bryan Paisley and Eric Boone who were assisted by tax partner Dixon Hearder, corporate markets associate Gardi van Zyl, and banking and finance associate Joanna Byers

Deal significance: This deal complements Emeco’s existing $450 million senior syndicated bank debt facility. “The transaction is indicative of the trend of Australian corporate borrowers seeking, so far as possible, to diversify their debt-funding sources beyond bank financing given the ongoing pressures in the banking market and higher costs due to post-GFC regulatory changes and to benefit from lower interest rates in other developed economies,” said Boone. He added that Bakers was able to advise an Australian borrower from Sydney on both an Australian-law governed syndicated banking facility and a New York-law governed debt-capital markets transaction. “The deal had added complexity as the US note holders are sharing in the security package on an equal basis with the bank syndicate,” said Boone.

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