NRF leads in $850m financing

The record-breaking financing also involved another top Australian firm

NRF leads in $850m financing

Norton Rose Fulbright (NRF) has taken the lead in the blockbuster financing for AirTrunk.

The global firm advised the large-scale data centres specialist’s $850m financing to fund its expansion of its Australian data centres in Sydney and Melbourne. The company will also use the financing to further expand in the Asia-Pacific region.

Partner Chris Patten jointly led the NRF team with partner Shane Bilardi. They were supported by senior associates Grant Schulz and Louise Kelly, associate Marco Lagos, and lawyer Felicity Young from the finance practice. Special counsel Ka-Chi Cheung of the firm’s technology group and senior associate Sarah Wilson of the corporate team also provided expert advice.

The transaction, which will be the largest financing by a data centre company in Australia, also involves Gilbert + Tobin (G+T). The firm advised Deutsche Bank, the financing’s lead arranger, underwriter and sole bookrunner for the new senior secured debt facilities. The G+T team was led by partner John Schembri, with support from senior lawyer Stuart Cormack, lawyer Billy Quist, and Graduate Sean Macdonald.

“This deal is a terrific example of the benefits of a competitive financing process and the flexible and scalable debt package is the latest example of product innovation in the Australian debt markets, drawing on traditional project finance and leveraged finance methodologies and bespoke features coming to market through the growth of unitranche and institutional lending in the region,” Patten said.

The firm is proud to continue to support AirTrunk in a crucial step in its phenomenal growth in Australia and the Asia-Pacific region, said Bilardi, who is NRF’s national head of corporate and M&A.

“This financing positions AirTrunk well as it continues to pursue its ambition to be the leader in hyperscale data centres for the region. This is also further evidence of our commitment to supporting emerging Australian technology companies,” Bilardi said.

NRF was also involved in the massive $400m financing for AirTrunk early last year.  That deal also involved King & Wood Mallesons and Allens.

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