Australia: Middletons acts for iiNet on $330 million secured syndicated financing involving all of Australia's four major banks
Last Updated: 2 November 2012

Middletons special counsel acting on the deal, Chris Scott said, "iiNet is the second largest DSL internet service provider in Australia. We assisted our client, iiNet, in negotiating new terms and conditions for a syndicated debt facility, which was over-subscribed by the 'big four' Australian banks. It was iiNet's first experience of a banking syndicate and the facility is secured over assets in Australia and New Zealand."

The establishment of a new $330 million syndicated debt facility with Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and National Australia Bank Limited replaces the Company's previous club facility.

Middletons partner, Simon Salter, who also acted on the transaction, said, "iiNet has been a significant client of the Perth office for some years and we are proud to have been associated with its growth to national prominence and to have assisted in this significant transaction. The new facility consists of a $247.5 million 3 year tranche and an $82.5 million 4 year tranche and provides significant funds for iiNet to pursue further growth opportunities."

When asked about the demand for this type of financing arrangement, Mr Salter said, "The demand for these types of leveraged loan facilities continues to grow as business borrowers continue to seek out refinancing options and new loans fund growth activity. "iiNet is Australia's second largest DSL Internet Service Provider (ISP) and the leading challenger in the telecommunications market. The company employs more than 2,000 staff across four countries and support over 1.6 million broadband, telephony and Internet Protocol TV (IPTV) services nationwide. iiNet is a publicly listed company that maintains their own high speed broadband network.

Rebecca Hardie, a lawyer in Middletons Perth office also assisted on the transaction. She explained, "A syndicated loan is provided by a group of lenders, in this case the four major banks and is highly structured. It was a great opportunity to work on this challenging transaction, as part of a great team."

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