Allens Arthur Robinson has advised ANZ Bank asmandated lead arranger, bookrunner and agent for a syndicate of nine banks on a landmark $600 million crossborder transaction.
The deal involved Australian, English and Indonesian law, the firm said.
The deal provides lease financing for Leighton Holdings Limited's (Leighton) two operating subsidiaries in Indonesia; PT Leighton Contractors Indonesia and PT Thiess Contractors Indonesia.
Supported by an indemnity and guarantee from Leighton, the facility provides new lease financing and refinancing of the world's largest contract miner's entire mining equipment needs in Indonesia.
Structured via a $600 million Revolving Master Lease Purchase Agreement, the deal provides a diversification in financing structures available to fund expansion in the growing mining sector, Allens said in a statement.
The syndication of Indonesian lease receivables to a syndicate of international banks is novel and required ANZ and Allens to work together to resolve a wide range of structural and country-specific risk issues.
Partner Rod Howell, who led the Allens team, said the transaction presented a range of unique challenges.
"Working with a large syndicate of banks on such a complex transaction required us to be across the detail of more than 50 transaction documents covering legal issues across three jurisdictions," Howell said.
'The task was complicated by the unique structural issues arising under Indonesian law and the need to achieve the correct balance sheet and tax treatment for the deal," he said.
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