Buddle Findlay is pleased to have acted for the syndicate of lenders to Tourism Holdings Limited (THL) on their NZ$475m refinancing of its corporate debt facilities.
THL increased its banking facilities by NZ$225m to NZ$475m, welcoming two new lenders, ASB Bank Limited (ASB) and Royal Bank of Canada (RBC) to its syndicate. The refinancing provides THL with greater funding capacity and flexibility, as well as the means to consolidate its existing asset finance facilities. The financing was cross border involving security from THL's global subsidiaries in the US, Canada, the UK and Australia.
Senior associate Danielle Brittain commented: "We were delighted to act for the existing lenders Westpac and ANZ and also partner with the two new syndicate lenders, ASB and RBC to deliver a great outcome for this global business. A challenging transaction with complex security issues in foreign jurisdictions."
Bruce Macdonald, THL's treasurer commented: "We are thrilled to have executed a bank refinancing that will be the cornerstone of THL's funding for many years to come. Thanks to Dan and Danielle for such constructive contributions."
The Buddle Findlay team was led by partner Daniel Collins and senior associate Danielle Brittain. THL was advised by Kate Lane and Jessica Lee of MinterEllisonRuddWatts as well as a number of law firms across other jurisdictions.
