The group comprises 15 domestic and international banks in Australia, Asia and North America
King & Wood Mallesons (KWM) has helped a lender group comprising 15 domestic and international banks on Pacific Energy's $1.97bn refinancing.
The deal encapsulates a $1.6bn debt refinancing; $550m of the syndicated facility has been earmarked for green loan tranches. According to KWM, the transaction enables Pacific Energy to improve its current energy transition as well as to maximise emerging development projects in WA and the East Coast.
Of the 15 banks KWM worked with, 7 were new lenders: Société Générale, ANZ, Export Finance Australia, DNB Bank, China Construction Bank, Bank of Communications, and DBS. They join Westpac Banking Corporation, National Australia Bank, Industrial and Commercial Bank of China, Canadian Imperial Bank of Commerce, Sumitomo Mitsui Banking Corporation, Mizuho, Oversea-Chinese Banking Corporation and Bank of China.
KWM partners Amy Maguire and Claire Rogers took point on the deal, assisted by solicitor Yasmin Frost and law graduate Leilani Hunt.
Pacific Energy is under the umbrella of QIC's Global Infrastructure Fund and provides sustainably distributed energy. It has a contracted capacity of 946MW across 48 sites.
Another team from KWM advised VGW Founder and CEO Laurence Escalante's family office Lance East Office as it pitched to acquire all VGW Holdings shares via scheme of arrangement under the Corporations Act.
The acquisition will be funded by a combination of third-party acquisition finance and target-funding through a loan provided by VGW. VGW shareholders may opt to receive cash or scrip consideration (as shares in the special purpose bid vehicle) for their VGW shares.
The transaction is set to be implemented in August.
"We are pleased to be advising Lance East Office on this important transaction that provides VGW shareholders with a liquidity opportunity but also the option to maintain their investment in VGW’s business. Providing this liquidity opportunity to minority shareholders was a key strategic goal for LEO, and we are happy to be helping LEO achieve that", KWM lead partner Heath Lewis said.
The firm's team is assisting Lance East Office with all aspects of the deal. Lewis headed up the firm's team alongside senior associate Toby Newnes; they received support from banking and finance partner Peixin Truong and M&A solicitor Nic Ipsen.
