Piper Alderman assists ASX-listed Kelsian Group Limited on $1.4bn multicurrency international corporate debt facilities

Piper Alderman advised its client, Kelsian Group Limited, Australia’s largest integrated multi-modal transport provider and tourism operator, on the successful refinancing and upsizing of their existing corporate debt facilities. The new unsecured facilities, totalling approximately $1,390 million refinanced the approximately $900 million existing secured facilities.

This transaction involved renegotiating, restructuring and refinancing existing debt facilities for Kelsian’s Australian, Singapore, US, UK and Channel Island operations.

The Piper Alderman team advised on all stages of the refinancing process, including structuring, term sheet negotiations, drafting of key finance documents and putting in place new hedging arrangements.

The deal team was led by partner Martin Lovell, and assisted by Will Rees, Grace Escott and India Strother.

Piper Alderman was the lead legal advisor, managing borrower counsel in the United States, England and Wales and Singapore.

The refinanced facilities provide Kelsian with improved pricing, terms and flexibility including additional headroom and flexibility to fund their short and medium term growth strategy. They have also allowed Kelsian to transition from secured facilities with a security trustee structure to unsecured terms more suitable for an investment grade borrower.

The refinancing demonstrated strong support from both existing and new lenders.

Kelsian’s Group CFO, Andrew Muir commented:

“This new unsecured funding arrangement, with diversity of maturity dates, interest rate margins and flexibility to draw down in multiple currencies will enable Kelsian to capitalise on market opportunities that align with the growth strategy.”

Further information can be found in the ASX announcement here.