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Bakers advises on Emeco debt shake-up

Bakers advises on Emeco debt shake-up

Baker & McKenzie has advised Emeco Holdings Limited on the company's successful $450 million debt refinancing facility which was finalised on 19 November 2010.Emeco is an ASX-listed earth…

Baker & McKenzie has advised Emeco Holdings Limited on the company's successful $450 million debt refinancing facility which was finalised on 19 November 2010.

Emeco is an ASX-listed earth moving equipment provider with operations in Australia, Indonesia and North America.

The refinancing will replace the Group's existing $595 million debt facility which was due to mature in August 2011. The new facility comprises a banking syndicate of seven domestic and international banks, including Westpac, ANZ, BOS International and Commonwealth Bank.

The transaction was led by Sydney-based banking & finance partner Bryan Paisley with assistance from fellow partner Howard Fraser.

Commenting on the deal, Paisley said: "The five-year tranche demonstrates that there is an appetite for longer-dated corporate bank debt and this is a healthy sign."

Allens Arthur Robinson advised the banking syndicate.

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