Mallesons Stephen Jaques and Allens Arthur Robinson have advised on a $2 billion (equivalent) refinancing of global private hospital group Ramsay Health Care Limited.
Allens advised a syndicate of banks, led by ANZ, NAB and Westpac, while Mallesons advisedRamsay.
Established in Sydney in 1964, Ramsay operates 117 hospitals and day surgery facilities across Australia, the United Kingdom, France and Indonesia.
The new debt facility is unsecured and consists of three year and five year tranches of Australian dollars, Sterling and Euro currencies.
Ramsay's existing debt facility, which matures in November 2012, will remain in place until the first draw down is made under the new debt facility to refinance the existing facility.
Allens Sydney partner Richard Gordon, who led the Allens team on the transaction, said the deal reflects the strength of the healthcare sector.
"The healthcare sector is a strong market that is underpinned by the ageing population demographic and we expect there to be sustained long-term investment," Gordon said.
The new debt facility will allow Ramsay to refinance its existing debt facility and will provide debt headroom of approximately $600 to 700 million (equivalent), which has been earmarked for its continuing brownfield programme and developments, future acquisitions and working capital.
Employment figures released in May by the Australian Bureau of Statistics show that the health and social assistance sector has overtaken retail as Australia's biggest employment sector.
More than 450 per cent growth is forecast for the sector between now and 2050, as the over-85 population climbs from 400,000 people to about 1.8 million.
Gordon was supported by senior associates Jo Folan and Thomas McAuliffe.
The Mallesons team advising Ramsay was led by partner Scott Gardiner, who was supported by special counsel Sharon Bodell and solicitors Jonathan Chau and Alex Hill.