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Two labour hire companies merge

Two labour hire companies merge

Ben Farnsworth, Allens

Allens advised PMSL on the refinancing of its debt funding to facilitate its acquisition of the SKILLED Group.

Firms: Allens (Programmed Maintenance Services Limited)

Deal: PMSL refinanced its debt funding to facilitate its acquisition of the SKILLED Group.

Value: $600 million

Area: Banking and Finance

Key players: The Allens team was led by partner Ben Farnsworth (pictured), with assistance from senior associate Jamie Donnelly, associates Brooke Silcox and Rod Aldus, and lawyer Suzana Vukasinovic.

Deal significance: Programmed Maintenance Services Limited (PMSL) and its subsidiaries refinanced its debt funding to facilitate the acquisition of the SKILLED Group by PMSL under a scheme of arrangement.

The refinancing involved PMSL entering into a $600 million syndicated facility agreement and a NZ$10 million bilateral facility agreement.

Westpac is the mandated lead arranger underwriter and bookrunner, agent and security trustee.

Both PMSL and SKILLED are involved in labour hire and workforce services in Australia and abroad. The combined entity will be one of the biggest employers in Australia and will potentially become an ASX 200 company.

Allens lead partner Ben Farnsworth said: “It was imperative that our team worked closely with PMSL to ensure the financing was effective and efficiently executed according to the timetable for completion of the acquisition.”

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Two labour hire companies merge
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