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Bakers cooks up successful bond offer
Barminco has successfully closed its $US485 million high-yield bond offering.
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Firms: Baker & McKenzie (Barminco); Simpson Thatcher (underwriters)
Area: Banking & finance/ Equity capital markets
Value: $US485 million
Key players: The Baker & McKenzie team was led by partners Andrew Reilly (US debt capital markets); Bryan Paisley (banking & finance); special counsel Teresa Lentile (derivatives), and Craig Andrade (pictured - private equity). The firm’s Singapore office handled the listing of the bonds on the Singapore Exchange
Deal significance: Barminco is Australia’s leading underground mining services contractor. Heavily oversubscribed by US and Asian investors, this high-yield bond offering was used to replace Barminco's existing secured senior bank syndicate, subordinated debt and mezzanine facilities.
Barminco also put in place secured revolving credit and hedging arrangements. Private equity partner Craig Andrade said: “The new high-yield bond facility will provide Barminco with a simplified five-year debt structure at attractive pricing that provides a stable platform for the business to pursue its growth strategy and international expansion plans.
“We were delighted to assist Gresham Private Equity and the Barminco management team to execute this significant corporate transaction.”
