find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
KWM and Bakers cook up refinance

KWM and Bakers cook up refinance

King & Wood Mallesons and Baker & McKenzie have acted on a US$3.4 billion acquisition and debt refinance.

Firms: King & Wood Mallesons (Nine joint lead arrangers, including Bank of America and Deutsche Bank); Baker & McKenzie (Australia) and Simpson Thacher & Bartlett LLP (US and UK) (Algeco/Ausco)

Deal: Algeco Scotman Group’s acquisition and debt refinance

Area: Banking

Value: $US3.4 billion

Key players: The KWM team was led by banking partner Richard Hayes, who was assisted by senior associates Greg Nicholas and Will Stawell (banking), David Anderson (tax) and Stuart Courtney (stamp duty), and associates Herina Lee and Audrey Wang

Deal significance: The acquisition and debt financing included a $US1.25 billion revolving asset-based loan (ABL), one of the largest ABLs to be completed in the Australian market. As part of Algeco’s new long-term capital structure, the financiers provided a US$1.25 billion ABL facility and purchased $US1,075 million aggregate principal amount of 8.5 per cent senior secured notes due 2018, €275 million aggregate principal amount of nine per cent senior secured notes due 2018 and $US745 million aggregate principal amount of 10.75 per cent senior unsecured notes due 2019. Algeco is owned by TDR Capital, a leading UK-based private equity firm. The financing closed on 11 October 2012 and funded Algeco Scotsman’s acquisition of the Australian-based Ausco Modular and NZ-based Portacom businesses. The financing was also provided to the new combined group to refinance existing debt and to provide for the combined group’s ongoing working capital needs. The ABL facility and notes are secured by a security package over the assets of the combined group located in Australia, NZ, the US and various other jurisdictions. Algeco is a leading global business services provider focused on modular space and secure storage solutions providing a comprehensive range of portable temporary and permanent buildings, and its acquisition of Ausco Modular and Portacom, leading providers of modular buildings in Australia and New Zealand, will provide Algeco with a significant market presence in the Asia-Pacific region, substantial exposure to high-growth markets, and expansion of the group’s current geographic footprint. “This deal also provides further evidence of the growing popularity of ABL facilities worldwide, which provide banks with excellent security coverage and borrowers with increased liquidity,” said Hayes.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

KWM and Bakers cook up refinance
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Consultation
06:04
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
06:03
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
Queensland University of Technology, ruby milestone
06:00
Queensland law school reaches ruby milestone
Celebrating 40 years since establishing a law course in 1977, the Queensland University of Technolog...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...