Gilbert + Tobin today announced it has advised Goldman Sachs as arranger and underwriter of a senior term loan, and Westpac and CBA as super senior revolving credit facility lenders in relation to the Infigen Energy Group’s refinancing by way of a 5-year A$605 million syndicated facility agreement.
The term loan + super senior revolving credit facility structure has previously been a feature of the leveraged finance market (including G+T’s recent work on the private equity acquisitions of iNova, Novotech and Laser Clinics), but the use of the structure for the Infigen Energy Group’s refinancing is an innovative development in the Australian corporate loan market.
The refinancing will allow the Infigen Energy Group to repay its decade-old global debt facility that saw the company needing to divert significant amounts of its free cash flow to the repayment of its debt, rather than investing in new developments or making distributions to shareholders.
Gilbert + Tobin’s Banking + Infrastructure team advised the lenders on all aspects of the refinancing, including structuring, financing terms and syndication.
Lead partner John Schembri says he is proud to have worked alongside Goldman Sachs, Westpac and CBA on this successful refinancing for the Infigen Energy Group.
“We’re delighted our significant experience in refinancing has helped deliver a successful outcome for our clients. This new facility and innovative approach will give the Infigen Energy Group the debt structure and flexibility to pursue its strategic objectives in the dynamic Australian energy market,” Schembri says.
Other key members of the Gilbert + Tobin team include Banking + Infrastructure partner Adela Smith and lawyers Stuart Cormack, Lisa Hamilton, Billy Quist and Sean MacDonald.
The Banking + Infrastructure team is ranked top tier in Chambers Asia Pacific for Acquisition Finance and Corporate Finance, and has advised on countless energy and infrastructure deals including Beach Energy’s recent A$1.585 billion acquisition of Lattice Energy and Reliance Rail’s A$2 billion refinance.