FREEHILLS has confirmed it advised Lend Lease on its recently finalised A$975 million unsecured syndicated loan facility.
The financing was launched with an initial targeted amount of A$750 million, but this was increased to A$975 million following strong support from lenders.
The Freehills team was led by senior banking partner Justin Pelly, supported by senior associates Adam Jeffrey and Henry Shatwell. Freehills worked closely with Lend Lease’s Group Treasurer, Paul Macfarlane.
Working alongside Freehills throughout the documentation process, Lend Lease was able to successfully maintain a consistent approach in relation to its existing financial covenants.
Freehills spearheaded the detailed term sheet negotiation process during the initial stages of the transaction, resulting in a streamlined documentation process with the wider lender group and execution of the final documents within Lend Lease’s required timeframe.
Partner Justin Pelly, who has worked with Lend Lease Treasury for many years, said: “This is another excellent result for Lend Lease, and one that is sure to provide Lend Lease with additional flexibility and capacity going forward”
The new facility comprises a three year term tranche with a limit of A$595 million maturing in July 2014 and a five year term tranche with a limit of A$380 million maturing in July 2016.
The new facility is based on Lend Lease’s current terms and conditions and there are no changes to the Group’s existing financial covenants. The proceeds will be used to refinance the Group’s fully drawn A$570 million club facility that was maturing in December 2011.
Lend Lease Group Chief Financial Officer, Brad Soller, said the refinancing demonstrates Lend Lease’s strong credit profile and provides additional capacity and flexibility to fund the Group’s pipeline.
“We are pleased to close the refinancing of this term loan with the additional capacity that this new facility provides,” said Soller.