Miner more than doubles syndicated bank facility with DibbsBarker’s aid

The refinancing attracted a lot of interest from both Australian and Asian lenders

Miner more than doubles syndicated bank facility with DibbsBarker’s aid
CIMIC Group – a major international contractor and the world’s largest contract miner – has more than doubled its core working capital cash facility, through the help of commercial law firm DibbsBarker.

The Sydney-based contractor recently announced a $2.6bn syndicated bank facility, split across two tranches of three and five years. Apart from preparing the facility documents, DibbsBarker also and played a central role in working through and settling the significant transaction and payment mechanics.

“This transaction is all about flexibility and liquidity – it reinforces the notion that providing debt to quality Australian borrowers continues to be an attractive choice for offshore financial institutions. We very much enjoyed working with all parties involved to bring the deal to a close,” said DibbsBarker banking & finance partner Brad Allen, who led the transaction. He was assisted by senior associate Joshua Khoo.

The funds replace CIMIC’s existing $1bn facility, which matures in December this year, as well as a portion of the group’s bi-lateral cash facilities and some maturing US dollar debt.

CIMIC said the refinancing was heavily over-subscribed – it received a strong response from lenders in Australia and Asia, allowing the facility to be upsized. The firm operates in more than 20 countries throughout the Asia-Pacific, the Middle East, North and South America , and Sub-Saharan Africa.


Related stories:
DibbsBarker woos another partner to continue Melbourne growth
Insolvency team returns to DibbsBarker

Recent articles & video

First-ever cohort of the best dealmakers in Australia and New Zealand unveiled

International Bar Association reveals legal sector's US$ 1.6 trillion contribution to global economy

UK law firm wins appeal against legal aid agency fee cut

Marc Krickbaum rejoins Winston & Strawn after role in Biden classified documents probe

Federal Court rules against cosmetics company for misleading conduct and trademark infringement

Holding Redlich relocates Melbourne HQ to Bourke Street

Most Read Articles

Clyde & Co cohort crosses over to Kennedys

Four join Corrs partnership in promotions round

Moray & Agnew pumps up partnership with corporate lawyer

Federal Court rules against cosmetics company for misleading conduct and trademark infringement