Continuing to break new ground, Mallesons Stephen Jaques has acted on one of the first global leveraged finance transactions to be registered under Australia’s new personal property securities regime.
Mallesons acted as Australian counsel for a Goldman Sachs-led syndicate of banks providing senior debt financing to support Permira’s US$1.5 billion acquisition of Genesys from Alcatel-Lucent.
Permira is a European based private equity firm with global reach. Genesys is a global leader in customer service software. The financing, which closed on Tuesday 31 January, included a secured US$575 million term loan and a US$50 million revolving facility, together with a placement of unsecured high yield notes. The Australian aspects of the financing involved one of the first security packages for a global leveraged finance transaction to be registered under Australia’s new personal property securities regime.
The Mallesons team was led by Banking Partner Richard Hayes, who was assisted by Senior Associate Charlie Detmold and associate Charles Westh. Partner Hal Bolitho also advised on the personal property securities aspects of the transaction. Milbank, Tweed, Hadley & McCloy LLP acted as US counsel for the banks.
Richard Hayes said: “Advising on the Australian aspects of this global transaction was a great opportunity to combine our market-leading leveraged finance capabilities with our pre-eminent expertise in the new world of the Personal Property Securities Act.”
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