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ABL helps troubled company with refinancing

ABL helps troubled company with refinancing

Arnold Bloch Leibler has acted for Nufarm Limited in order to help the company refinance its debt.Nufarm, a crop protection company, was fined $66,000 by the Australian Securities and…

Arnold Bloch Leibler has acted for Nufarm Limited in order to help the company refinance its debt.

Nufarm, a crop protection company, was fined $66,000 by the Australian Securities and Investments Commission (ASIC) on 1 December for an alleged failure to comply with continuous disclosure obligations.

Before the ASIC fine was announced, plaintiff law firms Slater & Gordon and Maurice Blackburn had announced that it would investigate launching a possible class action against the company.

Arnold Bloch Leibler announced yesterday (20 December) that it advised Nufarm in relation to a new $900 million syndicated bank facility, with financiers including Rabobank, ANZ, National Australia Bank and HSBC.

"Nufarm has endured perhaps the most volatile and difficult period in its history," ABL partner Jonathan Wenig said. "To be able to assist our long-standing client in achieving this milestone transaction, and in building a platform for future growth, is tremendously satisfying."

Wenig, together with senior associate Genevieve Sexton and lawyer Richard Janko led the ABL team.

Allens Arthur Robinson acted for the financiers, with Melbourne based banking partner James Darcy and the firm's principal NAB relationship partner Stephen Spargo involved.

This deal for Arnold Bloch Leibler followed hot on the heels of its acting for the investment holding company, the Guinness Peat Group (GPG) on selling its 19.9 per cent stake in the Maryborough Sugar Factory to Thailand's largest sugar producer, Mitr Phol Sugar Corp (Mitr Phol).

Andrew Silberberg led the firm's team, with Corrs Chambers Westgarth M&A partner Braddon Jolley advising Mitr Phol.

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