Acquisition & Leveraged Finance

Banking & Finance

Banking & Finance » Acquisition & Leveraged Finance

Successful outcomes in public M&A and in private equity deals require a super responsive and experienced team of leveraged and acquisition finance lawyers.

An acquisition finance team’s experience and capabilities have become even more important in recent years, as a thorough understanding of the market terms, deal structures and “hot points” often prove critical to a leveraged bid or debt underwriting’s success.

Corrs has one of the most respected and successful acquisition finance teams in the Australian market, and has advised on many of the country’s largest leveraged buy-outs, take-privates and acquisition financings.

Corrs advises both senior and mezzanine debt participants, as well as private equity and corporate sponsors/borrowers, on the full range of acquisition financings, including debt funded M&As, privatisations and leveraged buyouts, including MBOs, MBIs and Public to Privates.

Our Experts

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Ben Emblin

Partner Location Sydney Profile
Brad Robinson.jpg

Brad Robinson

Partner Location Melbourne Profile
Clare Corke.jpg

Clare Corke

Partner Location Brisbane Profile
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Jade Rowarth

Partner Location Melbourne Profile
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Jeremy King

Partner Location Melbourne Profile
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Megan Russell

Special Counsel Location Sydney Profile
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Simon Reid

Partner Location Sydney Profile

Our Experience

Coates Hire take private

The take private of Coates Hire by The Carlyle Group / National Hire Group was at the time the largest ever leveraged buy-out of a publicly listed company and was conducted at the height of the GFC when debt was rare.

The deal involved National Hire establishing a new joint venture vehicle with private equity group Carlyle – NED Group Holdings Pty Ltd, in order to acquire all of Coates shares.

NED Holdings funded the deal from new debt finance and equal equity contributions.

Corrs was instrumental in securing finance for the deal, advising the lead arrangers comprising ABN Amro, ANZ, Calyon, Mizuho, Sumitomo Mitsui and Westpac of $2.2billion senior acquisition debt supporting The Carlyle Group / National Hire Group Ltd’s $2.9 billion scheme of arrangement to successfully go public to private and merge with Coates Hire Ltd.

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Southern Cross Media acquisition financing

Southern Cross Media Group Ltd’s acquisition of Austereo Group Ltd was the first significant leveraged acquisition financing in the Australian media sector post-GFC. Corrs advised Southern Cross on the acquisition financing, structuring, documentation and security package.

The deal which proceeded by way of off-market takeover offer, included a $540 million Equity Bridge Facility provided by Macquarie Bank Ltd and The Royal Bank of Scotland plc, and a $755 million Senior Debt Facility arranged and underwritten by Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia and National Australia Bank Ltd.

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TPG Telecom acquisition of PIPE Telecommunications

TPG Telecom Limited’s acquisition of PIPE Communications Limited represented one of the first sub-investment grade acquisition financings with a sole lead underwrite by an Australian trading bank since the global financial crisis.

Corrs’ strong capability in acquisition and leverage finance helped sole lead arranger and underwriter, Australia New Zealand Banking Group, deliver a successful outcome in the A$380 million acquisition financing.

The Corrs role included full documentation of the senior facility agreement, security package and interest rate swaps, together with detailed due diligence on the target group’s telecommunications cable assets.

This also involved project finance elements.

More

Our Thinking

Taking cross border security in Asia: Seven steps to success

How to structure a security package that is compliant with different systems of law.

More

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

More

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

More

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

More

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

More

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

More

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

More

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

More

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

More

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

More

Our Experience

Coates Hire take private

The take private of Coates Hire by The Carlyle Group / National Hire Group was at the time the largest ever leveraged buy-out of a publicly listed company and was conducted at the height of the GFC when debt was rare.

The deal involved National Hire establishing a new joint venture vehicle with private equity group Carlyle – NED Group Holdings Pty Ltd, in order to acquire all of Coates shares.

NED Holdings funded the deal from new debt finance and equal equity contributions.

Corrs was instrumental in securing finance for the deal, advising the lead arrangers comprising ABN Amro, ANZ, Calyon, Mizuho, Sumitomo Mitsui and Westpac of $2.2billion senior acquisition debt supporting The Carlyle Group / National Hire Group Ltd’s $2.9 billion scheme of arrangement to successfully go public to private and merge with Coates Hire Ltd.

Southern Cross Media acquisition financing

Southern Cross Media Group Ltd’s acquisition of Austereo Group Ltd was the first significant leveraged acquisition financing in the Australian media sector post-GFC. Corrs advised Southern Cross on the acquisition financing, structuring, documentation and security package.

The deal which proceeded by way of off-market takeover offer, included a $540 million Equity Bridge Facility provided by Macquarie Bank Ltd and The Royal Bank of Scotland plc, and a $755 million Senior Debt Facility arranged and underwritten by Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia and National Australia Bank Ltd.

TPG Telecom acquisition of PIPE Telecommunications

TPG Telecom Limited’s acquisition of PIPE Communications Limited represented one of the first sub-investment grade acquisition financings with a sole lead underwrite by an Australian trading bank since the global financial crisis.

Corrs’ strong capability in acquisition and leverage finance helped sole lead arranger and underwriter, Australia New Zealand Banking Group, deliver a successful outcome in the A$380 million acquisition financing.

The Corrs role included full documentation of the senior facility agreement, security package and interest rate swaps, together with detailed due diligence on the target group’s telecommunications cable assets.

This also involved project finance elements.

Our Thinking

Taking cross border security in Asia: Seven steps to success

How to structure a security package that is compliant with different systems of law.

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

Our Experts

EMBLIN Ben CMYK 90x130

Ben Emblin

Partner Sydney +61 2 9210 6077
Brad Robinson.jpg

Brad Robinson

Partner Melbourne +61 3 9672 3550
Clare Corke.jpg

Clare Corke

Partner Brisbane +61 7 3228 9318
ROWARTH Jade website grey SIZED TH

Jade Rowarth

Partner Melbourne +61 3 9672 3240
KING Jeremy website grey TH

Jeremy King

Partner Melbourne +61 3 9672 3431
RUSSELL Megan website grey TH

Megan Russell

Special Counsel Sydney +61 2 9210 6477
REID Simon website grey SIZED Thumbnail

Simon Reid

Partner Sydney +61 2 9210 6668