Gilbert + Tobin is pleased to announce its role advising Pioneer on its $24.1m acquisition of a debt portfolio from Panthera Finance Pty Ltd.
In a significant development, Pioneer Credit Limited (ASX: PNC) (Pioneer) has acquired a substantial debt portfolio with a face value of $367 million from Panthera Finance Pty Ltd for $24.1 million.
G+T advised Pioneer on the establishment of a $33 million secured loan facility to fund Pioneer’s acquisition of the debt portfolio via a special purpose vehicle borrowing structure. G+T advised on all aspects of the transaction including structuring, compliance with the terms of Pioneer’s existing senior financing and negotiating the debt sale agreement and associated servicing arrangements and other ancillary agreements.
The G+T team was led by Louise McCoach, special counsel in the Banking + Projects team, with support from lawyers Callum Fleming, Alana Maloney, Clarke Heap, Stephanie Cook, Patrice Elias, and partner Julian Cheng advised on the tax aspects of the deal.
Louise McCoach commented: “The debt portfolio acquisition by Pioneer marks a significant win for Pioneer, both in terms of competitiveness and pricing. The transaction substantiates the market-leading reputation of Pioneer and its management team and highlights Pioneer’s unique proposition as a preferred acquirer of debt portfolios.”