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$8.5bn financing for vehicle business acquisition

$8.5bn financing for vehicle business acquisition

Stewart Robertson, Minter Ellison

A firm has advised a syndicate of off-shore lenders on their provision of banking facilities to a US corporation for its acquisition of GE Capital’s vehicle fleet management businesses.

Firms: Minter Ellison (off-shore lending syndicate led by Bank of Montreal)

Deal: $8.5 billion banking facilities provided by syndicate of off-shore lenders to Element Financial Corporation for its acquisitions of GE Capital Corporation vehicle fleets.

Value: $8.5 billion

Area: Finance

Key players: The Minter Ellison team was led by partner Stewart Robertson (pictured), supported by senior associate Alison Morris. Partner David Pratley and senior associate Nima Sedaghat assisted with the tax aspects of the transaction.

Deal significance: Element Financial Corporation acquired GE Capital Corporation’s vehicle fleet management businesses in the US, Mexico, Australia and New Zealand.

A syndicate of off-shore lenders, led by the Bank of Montreal provided banking facilities of $8.5 billion to Element Financial Corporation.

Minter Ellison acted as Australian counsel, Minter Ellison Rudd Watts acted as New Zealand counsel and Dentons acted as Canadian counsel to the lending syndicate.

Minter Ellison partner Stewart Robertson said: “This financing was a significant multi-billion dollar, high-profile, cross-border transaction.”

He continued: “It required us to provide detailed advice in respect of Australasian law nuances to off-shore lenders not familiar with some of the local legal issues involved, particularly as the facilities were structured as borrowing base facilities requiring access to the target assets."

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