Firm acts on $285m insurance transaction

One major firm has acted on Steadfast Group’s debut $285m syndicated facilities.

King & Wood Mallesons has acted on Steadfast Group’s debut debt raising in the syndicated loan market.

The new facilities have provided the insurance broking network with increased debt capacity, replacing the existing bilateral facilities with Macquarie Bank, worth $180m.

“The facility will serve as a platform for Steadfast Group’s growth plans and future financings,” said King & Wood Mallesons lead partner, Yuen-Yee Cho.

“We are very pleased to have had this opportunity to assist Steadfast Group on its debut debt raising in the syndicated loan market.  The facility will serve as a platform for Steadfast Group’s growth plans and future financings.”

King & Wood Mallesons acted on Steadfast’s $300m equity raising earlier this year, and IPO back in 2013.

“We are cautiously optimistic about the remainder of the financial year and expect steady deal flow,” said Cho.

“Many borrowers have refinanced or amended and extended their facilities and sought more flexible financing terms over the past couple of years to take advantage of favourable market conditions and we expect that this trend will continue.”

Asset based lending and other less traditional forms of financing are becoming increasingly popular, Cho said.  She also predicted that the Australian market may see an increase in financing provided by institutional investors, such as debt funds.
 

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