G+T helps execute $475m refinance

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Gilbert + Tobin (G+T) has helped pull off a $475m refinance using a structure its lead partner said is increasingly being used in Australia.

The top firm advised the unitranche and super senior revolving credit finance (RCF) lenders on the refinance of Real Pet Foods Co Group (RPFC). The refinance was executed using a $435m unitranche loan and a $40m super senior revolving working capital loan.

G+T said that it was able to negotiate and document debt terms on behalf of its clients while balancing the need of lenders for guarantee and security given RPFC’s expansive global operation. The refinance enables RPFC to grow and transform in Australia and New Zealand and expand to markets in Asia and the US.

John Schembri, partner and head of banking and infrastructure, led the G+T team.

“This structure is one we are seeing more and more in the Australian market acting for our lender and borrower, [as well as] sponsor clients. The additional flexibility on terms, and the ability for borrowers to raise the majority of their debt from a small group of 'take and hold' relationship lenders that have a thorough understanding of, and are willing to work towards, their clients’ business plans, make these structures particularly attractive to corporate borrowers and sponsors alike,” Schembri said.

The team that advised the unitranche lenders included senior lawyer Stuart Cormack, lawyer Brent Thompson, and graduate Annabel Kirkby.

The team advising the super senior RCF lenders were headed by partner Gail Christopher, who was supported by lawyer Matt Weetman.