Pinsent Masons advises Abacus Storage King on $1.25 billion debt finance transaction

25 Nov 2024 | 03:13 pm |

Multinational law firm Pinsent Masons has advised listed Australian entity Abacus Storage King (ASK) on its recent landmark debt finance transaction with commitments of A$1.25 billion.

This is a significant achievement for ASK, moving from a secured syndicated facility to a negative pledge common program, demonstrating its strong performance and enhanced stature in the Australian debt markets.  The transaction was arranged by the Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation.

Pinsent Masons benchmarked terms and prepared and negotiated the documentation, steering the transaction to financial close on Friday 15 November.  The team was led by finance partner Jim Hunwick and senior associate Jesse McNaughton, assisted by associates Migo Sanchez and Richard Beauchamp.

Commenting on the matter, Jim Hunwick said: ‘The Pinsent Masons debt financing team has had a great year representing issuers on billion-dollar transformative transactions.  As well as ASK, we acted for Australian Gas Infrastructure Group on the establishment of its EUR2 billion Euro Medium Term Note program, listed on the Singapore stock exchange and arranged by Goldman Sachs, and for Flinders Ports on the establishment of its sustainability linked debt program and new Australian Medium Term Note program, led by Royal Bank of Canada.  The team is excited to be supporting Australian issuers’ advancement in the debt capital markets.’

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