Baker McKenzie has successfully advised the lead arrangers and first and second lien lenders on EQT's acquisition of the Icon Group, a leading cancer care provider.
The AUD 1.165 billion Term Loan B (TLB) is the largest all Australian dollar TLB on record. Baker McKenzie's lead partner, Alastair Gourlay stated: "Breaking the AUD 1 billion mark is significant and is testament to a private credit market that continues to boom in Australia. The lender group ended up being a diverse mix of financial institutions, private credit funds and other institutional capital from across Australia, APAC and further afield."
The deal was divided into a AUD 786 million first-lien TLB, AUD 100 million delayed draw term loan, AUD 100 million revolving credit facility and privately placed AUD 179 million second lien.
Joint lead arrangers on the deal were Morgan Stanley, Barclays, Credit Agricole, MUFG, Goldman Sachs, HSBC and ING, with Bank of China, KB Securities and Korea Investment & Securities as mandated lead arrangers.
Alastair was assisted by an Australian Baker McKenzie team comprising: Dean Bao and Joshua Donald. Further support was provided by Kenneth Ching (Hong Kong), Kunal Katre (Singapore) and Elizabeth Hau (Hong Kong).
Baker McKenzie were co-counsel with Cahill Gordon & Reindel. Latham & Watkins and King & Wood Mallesons acted for EQT.