Ashurst has advised Thakral, one of Australia’s largest hotel owners, on its $460 million syndicated refinancing deal. Thakral’s key assets include the Wynyard Centre in the Sydney CBD and certain Sofitel, Novotel and Hilton hotels in major centres along the east coast of Australia.
The refinancing comes at a time of uncertainty over the future control of Thakral. After debt issued by a Thakral family company matured, Brookfield appointed a receiver over the family’s shares in Thakral in April 2012, giving Brookfield a relevant interest in 38.6% of the company. Brookfield has launched a takeover offer.
As part of the refinancing, the Commonwealth Bank of Australia (CBA) has underwritten the loan with the option to sell down. Allens Linklaters were legal counsel to CBA, and HSBC Bank Australia Limited, Westpac Banking Corporation and ING Bank NV, Sydney Branch were involved as outgoing participants.
Ashurst lead partner Martin Coleman says: “The deal demonstrates that there is funding available for quality hotel assets. The company also expects that other lenders will want to get involved in coming months, once the outcome of the takeover is known.”
Also assisting on the matter were Ashurst banking and finance lawyers Duncan de Crespigny and Scarlett Wang.
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