Baker & McKenzie Advises Emeco on US Private Placement Transaction
23 May 2012
Sydney, Australia, 23 May 2012 – Baker & McKenzie has acted for ASX-listed Emeco Holdings on a US$140m debt capital raising in the US Private Placement Market, complementing the Group's existing $450m senior syndicated bank debt facility.
The Baker & McKenzie team was led by partners Bryan Paisley and Eric Boone who were assisted by tax partner Dixon Hearder, corporate markets associate Gardi van Zyl, and banking and finance associate Joanna Byers.
Mr. Paisley said, "This has been an ideal demonstration of our 'one stop shop' financing capability, advising an Australian borrower from Sydney on both an Australian law governed syndicated banking facility and a New York law governed debt capital markets transactions.
"The deal had added complexity as the US note holders are sharing in the security package on an equal basis with the bank syndicate."
Mr. Boone added, "The transaction is indicative of the trend Australian corporate borrowers seeking so far as possible to diversify their debt funding sources beyond bank financing given the ongoing pressures in the banking market and higher costs due to post-GFC regulatory changes and to benefit from lower interest rates in other developed economies."
Emeco Chief Financial officer, Stephen Gobby, said, “The Baker & McKenzie team provided Emeco with high quality advice throughout the transaction. I consistently saw them apply sound commercial thinking to every issue to protect Emeco’s interests but ensure the deal progressed.”
Baker & McKenzie has advised Emeco since 2005, including on their IPO in 2006 and their bank refinancing in 2008 and 2010.