Baker & McKenzie Advises Emeco Holdings Limited on A$450 Million Refinancing
24 November 2010
Sydney, Australia, 24 November 2010 – Baker & McKenzie has advised Emeco Holdings Limited (ASX: EHL) on the company's successful A$450 million debt refinancing facility which completed 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 A$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, Bryan Paisley said, "We are delighted to have helped our long-standing client successfully execute this refinancing. The five-year tranche demonstrates that there is an appetite for longer-dated corporate bank debt and this is a healthy sign. We acted on Emeco's previous refinancing in 2008 and have provided advice on a number of acquisitions made by the company, and on their Australian Initial Public Offering."
Allens Arthur Robinson advised the banking syndicate.