Part of the package is being utilised to refinance construction funding for the development
KCL Law has assisted on a deal to secure a financing package for Australia's tallest skyscraper.
The firm advised a syndicate of offshore institutional investors, led by wealth management firm Payton Capital, that backed an $80m senior syndicated facility for Australia 108, the tallest high-rise development in the country.
The 101-storey tower, which will house more than 1,100 apartments, is being developed by World Class Global, a subsidiary of Singapore-based property developer Aspial Corporation, in cooperation with builder Multiplex. Part of the financing package is being used to refinance previous construction funding for this massive project, KCL said.
The firm said that the transaction covered a complicated financing structure that included the implementation of a syndicated loan note issuance structure in line with Australian withholding tax exemptions. The financing also involved the introduction of an accordion feature to facilitate overall future commitments for individual lenders.
KCL also helped implement a timely and comprehensive security release mechanism for lots due for settlement and for ongoing valuation agreements and worked on the simultaneous registration of mortgages for 261 separate titles through PEXA on settlement. KCL also acted on negotiations with other secured lenders to agree on intercreditor terms.
The team was led by Ilan Kraus, principal lawyer and head of banking and finance, and Trent Chugg, special counsel. The banking and finance team was supported by lawyers Sophie Boyd and Chantelle Alberico.
Principal and head of property Morgan Scholtz and principal and head of construction and infrastructure Darren Cain also advised on the deal.
Kraus said that the financing is a multi-faceted and landmark transaction its clients.
James Ye of accounting and advisory firm ShineWing Australia also aided the firm with advice on taxation issues.