07 July 2020

KWM acts for arrangers on significant private equity TLB financings

King & Wood Mallesons has acted for the arrangers on the Term Loan B financing of two significant Private Equity M&A transactions, marking two of the largest deals to complete since the global pandemic in this market.

Bank of America led the Australian law Term Loan B financing of Madison Dearborn Partners’ acquisition of a controlling stake in disability and employer services provider, APM.

Barclays, JPMorgan, Citi, Credit Suisse and UBS arranged an incremental facility under Ventia’s existing US law Term Loan B facilities to fund its purchase of Ferrovial’s Broadspectrum.

The KWM team advising both arranger/lender groups was led by Will Stawell and Yuen-Yee Cho with support from partners Ros Anderson (M&A), and Scott Heezen (tax), senior associates Dan Flanagan, Aidan Drinkwater and Joanne Langford (tax), solicitors Samir Kinger, Dan Law and Sally Blake and graduate Deen Khan.

Commenting on the transactions Will Stawell said: “Completion of these two transactions should give the market confidence that liquidity exists to support quality leveraged buyout transactions notwithstanding the increased uncertainty resulting from the global pandemic. The KWM team has worked on all the Australian law private equity TLB transactions and is proud to be a trusted adviser assisting lenders with these complex financing transactions.”

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