King & Wood Mallesons has advised diversified mining and services group Ausdrill Ltd on the establishment of a three year, $550 million dual currency debt facility with a syndicate of commercial and investment banks.
This debt arrangement will allow Ausdrill to refinance its existing $150 million revolving line of credit, refinance around $30 million of asset finance facilities and fund its acquisition of Best Tractor Parts Group, a supplier of mining equipment parts, sales & rentals.
By entering into a flexible corporate borrowing platform, Ausdrill will be in an ideal position to meet its ongoing funding requirements in both Australia and Africa with a healthy level of undrawn liquidity in the pipeline to support future expansion plans.
The King & Wood Mallesons team was led by Senior Associate Nathan Collins and Partner Nicholas Creed.
“We are very pleased to have assisted Ausdrill with the establishment of its new debt facility. The facility sets the standard for flexible funding structures and it will enable Ausdrill to pursue its strategic growth strategy safe in the knowledge that the group will have sufficient liquidity while adopting a conservative approach to its debt funding” said Nathan Collins.
Nicholas Creed said, “it is always a pleasure to work with Ausdrill and to see a West Australian business meeting such deserved success in the market”.
Based in Western Australia, Ausdrill is a diversified mining and services company with operations in Australia, the United Kingdom and Africa. The company provides services in mining, drill and blast, exploration, procurement and logistics, manufacturing, and telecommunications and last year achieved ASX market capitalisation of AUD 1 billion.
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