18/05/2022

G+T advises Greencross on the partial sell-down to Australian Super and HOOPP and its A$1.5 billion cov-lite unitranche refinancing

Greencross is Australia's largest pet care company.

G+T’s market leading Corporate Advisory team advised on all aspects of the transactions, including vendor due diligence, structuring and transaction documents with Australian Super and HOOPP.

G+T’s market leading Banking team, working with US firm Kirkland & Ellis LLP, advised on Greencross’ A$1.5 billion cov-lite unitranche refinancing and dividend recapitalization, consisting of a US$553 million term loan tranche and a A$750 million term loan tranche, as well as a first-out A$60 million revolving credit facility. This financing is one of the first cov-lite unitranche financings in the Australian market and further demonstrates the growing appetite by Australian borrowers to access U.S. debt.

The G+T team was led by Corporate Advisory partner Rachael Bassil with support from lawyers Elizabeth Cameron, Matt Edstein, Matthew Coe, Jack Corcoran and Mason Cohen.

The G+T debt financing team was led by Banking + Projects partner John Schembri with assistance from lawyers Corrie Eames, Caitlin Divani and Charlie Wheatley.

Rachael Bassil said “It was a pleasure advising on these incredible transactions.  The investments by Australian Super and HOOPP shows the strength of Greencross and it has been great to see the business grow and thrive since being taken private by TPG in 2019.  We look forward to continuing to work with TPG and Greencross.”

G+T’s Corporate Advisory team, which boasts some of Australia’s leading M&A and Private Equity lawyers, has advised on many of Australia’s largest and most innovative transactions, including TPG capital on the sell-down of a stake in Novotech Health Holdings pursuant to a competitive sale process, Ardent Leisure Group on its A$1.1 billion sale of Main Event to Dave & Buster’s Entertainment, ecash on its sale to NYSE-listed Everi Holdings Inc and Quadrant Private Equity, Five V Capital, Rodney Kagan and other Shareholders on the sale of Probe CX to KKR.

G+T’s Banking team is recognised in the leading legal directories, and has advised on many of Australia’s largest financing transactions including recently advising KKR on the financing of its A$3.2 billion acquisition of Arnott’s and Adamantem Capital on the senior debt package for its acquisition of Legend Corporation.