Miner more than doubles syndicated bank facility with DibbsBarker’s aid

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CIMIC Group – a major international contractor and the world’s largest contract miner – has more than doubled its core working capital cash facility, through the help of commercial law firm DibbsBarker.

The Sydney-based contractor recently announced a $2.6bn syndicated bank facility, split across two tranches of three and five years. Apart from preparing the facility documents, DibbsBarker also and played a central role in working through and settling the significant transaction and payment mechanics.

“This transaction is all about flexibility and liquidity – it reinforces the notion that providing debt to quality Australian borrowers continues to be an attractive choice for offshore financial institutions. We very much enjoyed working with all parties involved to bring the deal to a close,” said DibbsBarker banking & finance partner Brad Allen, who led the transaction. He was assisted by senior associate Joshua Khoo.

The funds replace CIMIC’s existing $1bn facility, which matures in December this year, as well as a portion of the group’s bi-lateral cash facilities and some maturing US dollar debt.

CIMIC said the refinancing was heavily over-subscribed – it received a strong response from lenders in Australia and Asia, allowing the facility to be upsized. The firm operates in more than 20 countries throughout the Asia-Pacific, the Middle East, North and South America , and Sub-Saharan Africa.

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