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Ausdrill secures $150 million
King & Wood Mallesons and Freehills have advised on a revolving credit facility agreement with the Commonwealth Bank of Australia
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Firms: King & Wood Mallesons (Ausdrill Limited), Freehills (CBA)
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Deal: Revolving credit facility agreement with Commonwealth Bank of Australia
Area: Energy and resources
Value: $150 million
Key players: Senior associate Nathan Collins and partner Nicholas Creed (pictured) led the deal for KWM, with support from solicitors Edmund Chan and Robyn Maher
Deal significance: The facility will assist Ausdrill with working-capital funding needs for its Australian-based operations. 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 mining and services company with operations in Australia, the UK and Africa. It last year achieved ASX market capitalisation of $1 billion.
