01/11/2019

Gilbert + Tobin, together with Gibson Dunn & Crutcher LLP, have advised Icon Group and its sponsors (being, Goldman Sachs PIA, QIC and Pagoda Investments) on the global cancer care company’s A$735 million and HK$401 million first-lien / second-lien Term Loan B financing.  These proceeds have primarily been utilised to refinance the existing senior and mezzanine facilities and to fund a contemporaneous bolt-on acquisition. 

Icon Group is Australia’s largest dedicated provider of cancer care with a growing reach into New Zealand and Asia.  The financing documentation was structured as US-style Term Loan B facilities with flexibility and delayed draw facilities to enable Icon Group to achieve its strategic growth objectives and was governed by New South Wales law. 

The G+T team was led by the head of banking and infrastructure group and partner, John Schembri, together with partner Gail Christopher and lawyer Matthew Weetman.  The Gibson Dunn team was led by Michael Nicklin, co-chair of the global finance group and partner, together with lawyer Justin Greer.

On the transaction, lead partner John Schembri commented, “This transaction further demonstrates the growing appetite by sponsors for alternative debt structures in the Asia-Pacific market, and the willingness of institutional investors, debt funds and offshore banks to provide debt financing amid a global low interest rate environment.”

G+T’s involvement in this transaction, together with its roles on the majority of the recent Term Loan B and unitranche structures in the Australian market further cements G+T’s place as a leader of the Australian market in the alternate debt structure space.

Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2019. 

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