A complex refinance from a syndicate of banks
“This was a complex project involving the restructure of our client’s banking facilities. The involvement of various parties with specific interests, outside pressures and a short timeframe added to the project’s complexity. Our team of dedicated staff balanced these pressures and worked hard to meet our client’s needs and ensure the project’s success.”
Elpis Korosidis, Partner and Head of Banking & Finance, and John Hutchings, Chairman of Partners
Our Client
Our client is one of Australia's
largest retailers with both national and international operations.
The business has grown from two brothers helping their parents in a
fabric stall at the Queen Victoria Market to stores throughout
Australia, New Zealand and Asia. The business now employs more than
6,700 staff.
Their Ambition
Our client had an opportunity to
restructure its banking facilities by negotiating a syndicate to
provide facilities of around $700 million. Successful completion of
the transaction would mean the client's banking arrangements would
be uniquely restructured in accordance with its two main business
streams: property development and retail. The client was under
immense pressure from the outgoing lender to complete the refinance
within a relatively short timeframe.
Enhancing their Success
Time was of the essence. It was critical that, although we were
faced with a plethora of different parties, each with its own
specific interests, we negotiated and settled the transaction
efficiently and effectively, ensuring our client's needs were
met.
Behind the Headlines
To ensure the refinance was completed
on time and all deadlines were met, we assigned a dedicated team of
partners, lawyers and support staff from the Banking & Finance,
Corporate & Commercial, Commercial Property and Employment
& Industrial Relations groups.
We were involved in all stages of the
transaction, from reviewing the original IM, negotiating the
facilities agreement and complex securities, and providing and
conducting due diligence material and reports. We continue to
provide commercial advice to our client on the operation of the
facility post-settlement.
Our client's success was ensured due to
the dedication and experience of our staff in understanding the
complexity of the matter, and ultimately in understanding the
client's commercial needs and expectations.
For more details, please
contact:
John Hutchings, Chairman of
Partners
Phone (direct): +61 3 9608
2245
Email
:
j.hutchings@cornwalls.com.au