Gilbert + Tobin advised Pacific Equity Partners and Hoyts Group in relation to c. US$450 million refinancing facilities arranged by Credit Suisse (as left side lead) and UBS. The facilities include a first lien US$310 million Term Loan B facility, a A$40 million first lien revolving facility and a US$100 million second lien facility.
The facilities will be used to refinance Hoyts Group’s existing debt arrangements and will also allow Hoyts Group’s shareholders to receive a return on their investment. This transaction marks the first time an Australian private equity firm has tapped the US Term Loan B market.
Banking + Finance partner James Lewis led the team together with lawyers Gail Christopher and Tommy Tuohy. Corporate Advisory partner Andrew Bullock and lawyer Kate Merrifield also assisted, with further advice provided by Tax partner Peter Feros and lawyer Andrew Sharp.
US law issues were handled by partner Kristine Dunn and associate Bjorn Lundberg from Skadden Arps, Slate, Meagher & Flom. New Zealand law advice was provided by partner Andrew Harkness and lawyer Stuart Roberts from Simpson Grierson.
Commenting on the transaction, James Lewis said, “We are delighted to have worked with PEP and Hoyts on this significant financing, which has enabled Hoyts to refinance its existing debt facilities and return funds to its investors on terms which provide both Hoyts and PEP with considerable flexibility for the future. It is particularly exciting to have worked on the first example of an Australian private equity fund raising funds in the US Term Loan B market.”
This transaction highlights our banking and finance team’s continued success advising on finance packages involving Term Loan B facilities. Recent examples include Gilbert + Tobin’s roles advising on the US$5 billion Term Loan B facilities for Fortescue Metals Group, the A$700 million Term Loan B facilities for Nine Entertainment Group (as part of the Group’s restructure), the US$2.3 billion Term Loan B facilities for the Genesee & Wyoming Group and the US$325 million Term Loan B facilities for Atlas Iron Group.
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