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Westpac completes cross-border financing for Westcon
King & Wood Mallesons has advised on the cross-border trade receivables financing facility for Westcon Group.
Tony Zhang
Firm: King & Wood Mallesons (Westpac).
Value: Undisclosed.
Area: Banking and finance.
Key players: The KWM team was led by senior associate Briana Bentley, supported by partner Paul McBride, solicitor Sophie Litwinowicz and graduate Caitlyn Duke.
Deal significance: To provide maximum working capital funding flexibility for Westcon, the Westpac facility includes note and overdraft facility funding in Australian dollar, New Zealand dollar and US dollar backed by receivables originated by the Asia-Pacific subsidiaries in Australia, Singapore and New Zealand and denominated in Australian dollar, US dollar, Singaporean dollar and New Zealand dollar.
The facility is provided through a special purpose vehicle and provides the option for additional sellers to join the program in the future. The first funding occurred on 25 September 2020.
“We were delighted to advise Westpac on this cross-border financing facility to in-turn provide a solution that enabled maximum funding flexibility for Westpac’s client,” Mr McBride said on the transaction.
