King & Wood Mallesons has acted for Ausdrill Limited to establish a revolving credit facility agreement with Commonwealth Bank of Australia, which will assist Ausdrill with working capital funding needs for its Australian-based operations.
The bilateral financing was structured such that other lenders in Australia or abroad can later finance on a club or syndicated basis, allowing Ausdrill to enjoy funding flexibility in the future.
Lead project Partner Nicholas Creed noted “the innovative structure of this deal is indicative of what our clients expect; an anticipation of their needs over the full term of funding arrangements and consideration of their commercial objectives as a whole,” he said. “Flexible funding structures are a growing trend in the energy, resources and projects sector.”
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.
Senior Associate Nathan Collins led the deal alongside Partner Nicholas Creed, with support from solicitors Edmund Chan and Robyn Maher.
Related Posts:
- None Found