Sydney, Australia, 20 August 2008 – Baker & McKenzie has advised ASX listed earth moving equipment provider Emeco Holdings Limited on a successful $630 million refinancing package. The three-year senior debt package comprises a $595 million revolving senior debt facility and $35 million working capital facility.
The transaction involved lawyers from across the Baker & McKenzie global network, including its offices in Sydney, London, Toronto and Houston. The deal team in Sydney was led by partner Bryan Paisley with senior associate Marie Larkin and associate Joanna Byers.
Commenting on the deal, Baker & McKenzie partner Bryan Paisley said, “We are delighted to have helped our client bring this refinancing to fruition. We have been acting for Emeco since early 2005 and have worked with them on a number of transactions, including acquisitions and the company’s Australian IPO. This successful transaction shows that, despite the difficulties in the credit markets, financing remains available for companies with strong cash flows operating in growth sectors. It also demonstrates the benefits of bringing a global legal team to the table to assist a client with a global business.”
The mandated lead arrangers of the facilities were ANZ, BOSI, CBA and Westpac and the banking syndicate was advised by Freehills.