Buddle Findlay guides ANZ on major deals

One deal involved the largest SLL facilities in New Zealand

Buddle Findlay guides ANZ on major deals

Buddle Findlay has assisted ANZ on two major deals over the past month.

The firm confirmed its role in a record deal involving the largest sustainability linked loan (SLL) facilities in New Zealand at present, and also advised on a facility for one of the largest freight and logistics providers in the country.

Partner Peter Owles spearheaded a team alongside senior associate Danielle Brittain to assist ANZ in its role as sole mandated lead arranger and sole sustainability coordinator for the lenders for Summerset Group's ~$1.2bn syndicated facility refinance, which includes a $700m SLL. The SLL is in line with the framework established by the Asia Pacific Loan Market Association.

According to Buddle Findlay, Summerset is the first operator of retirement villages in the country to incorporate sustainability into its lending arrangements. The loan facility includes ANZ Bank New Zealand/Australia and New Zealand Banking Group Limited, Bank of New Zealand/National Australia Bank Limited, Commonwealth Bank of Australia, Industrial and Commercial Bank of China Limited, Westpac New Zealand Limited/Westpac Banking Corporation and Bank of China (New Zealand) Limited.

Owles and Brittain’s team collaborated with ANZ’s syndications and sustainable finance teams, which were led by Claire Fisher and Dean Spicer, respectively. Summerset received advice from Russell McVeagh.

Meanwhile, a Buddle Findlay team helmed by partner Daniel Collins and senior associate Paul Appleyard guided ANZ Bank on a facility for MOVe Logistics Group Limited that will be applied to the refinancing of the freight and logistics provider’s current bank debt.

The facility will also be used to meet general corporate, vehicle finance and working capital requirements, Buddle Findlay said.

“We are delighted to re-establish our relationship with MOVe as its financing partner going forward.  We look forward to continuing to support the growth of the company,” ANZ managers Brent Evans and Morgan Wigg said.

MOVe Logistics Chairman Trevor Janes highlighted the history between the company and ANZ.

“ANZ was [MOVe]’s banking relationship historically before the public listing in 2017 and has a deep understanding of the industry and the company. We are pleased to be partnering with them as we work towards achieving our goal of being one of the leading transport and logistics providers in New Zealand and beyond,” Janes said.

The borrowers were advised by Harmos Horton Lusk under the leadership of special counsel Paul Oldfield.

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