find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Buy out Hertz so good

Buy out Hertz so good

Both Freehills and Minter Ellison were involved in the US$2.9 billion ($3.9 billion) financing of the US$15 billion ($20 billion) buy out of the Hertz Group, o

Both Freehills and Minter Ellison were involved in the US$2.9 billion ($3.9 billion) financing of the US$15 billion ($20 billion) buy out of the Hertz Group, one of the largest ever global leveraged buy out transactions.

Minter Ellison, led by David Inglis, acted for Hertz’s parent company, Ford Motor Company, advising on the Australian law issues of the sale and the Hertz restructure. The firm also acted for the purchasers — Clayton, Dubilier & Rice Inc, The Carlyle Group and Merrill Lynch Global Private Equity — on refinancing Hertz Australia on the acquisition, which involved bridge financing pending a proposed securitisation. Ralph Ayling led this part of the transaction.

Freehills worked with Gide Loyrette Nouel and White & Case in acting for the bridge lenders to the buyers — BNP Paribas, The Royal Bank of Scotland and CALYON. Tessa Hoser and Wendy Gwyn led the Freehills team on the Australian leg of the transaction, which required both bridge and potential securitisation phases to be accommodated within a structure that allowed access to the fleet rental assets and cash flows of the Hertz Australia Group without upsetting its day-to-day operations.

Minter Ellison’s David Inglis said the transaction was completed to a tight timeframe, at one of the busiest times of the year — it was settled just before Christmas. “The interesting thing was working with PricewaterhouseCoopers in the US and making sure that all Australian aspects, from a structuring and regulatory point of view, were in place for the worldwide closing.”

Hoser said the deal was a “graphic example of the potential of debt capital markets to work hand in hand with the leveraged finance market in funding these types of deals”. The firm was involved in acting for the banks in financing the acquirers of the Hertz Group globally, “so there were about 12 different countries involved”, she said.

The financing was completed through arrangements that included a special purpose borrower.

Gwyn said the process was also complicated by the need to ensure Hertz had the flexibility it needed in its business while also affording the banks protection. The global facilitation meant all jurisdictions had to review and tailor a common financing document to ensure that the local requirements were met within the financing and security structure.

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

Buy out Hertz so good
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
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 & ...