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Minters team on Multiplex funding
Multiplex Group has put in place a new $1.6 billion bank debt facility with the ANZ and the Royal Bank of Scotland to refinance the debt incurred in the acquisition of the Ronin Property Group…
Lawyers Weekly
Multiplex Group has put in place a new $1.6 billion bank debt facility with the ANZ and the Royal Bank of Scotland to refinance the debt incurred in the acquisition of the Ronin Property Group and to replace existing facilities for both Ronin and the Multiplex Property Trust. Minter Ellison advised ANZ and RBS in the deal.
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Multiplex chief financial officer, John Corcoran, said the new facility recognises the Group’s “recent achievements in strengthening the group balance sheet”.
Sydney partner, Keith Rovers, led the Minter Ellison team acting for the banks, with support from John Elias, Victoria Absolon and John Galletta (finance) and a nationwide property team led by Adrian Liaw. The property team conducted follow up due diligence on the existing Multiplex Property Trust security pool assets, as well as the Ronin assets that are to come into the security pool. Partner Kate Lane in the firm’s Auckland office worked on NZ security issues, assisted by Anna Campbell.
Rovers said the transaction was initially done on a stamp duty effective basis, which made the process more complicated. “We were also bringing in a whole new list of properties around Australia and New Zealand into the security pool, some were owned, some were co-owned, so different issues arose there,” he said.
Because ANZ was part of the original syndicate, and RBS wasn’t, “a lot of the due diligence was driven by RBS’s requirements”.
This work continues Minter Ellison’s involvement in Multiplex’s financing transactions — Sydney partners Tony Berriman led the team on Multiplex’s IPO funding and Daniel Marks completed the Ronin acquisition facility last year.
