King & Wood Mallesons acts on renewal of financing facility
King & Wood Mallesons has advised Commonwealth Bank of Australia (CBA) as arranger on the renewal of a $200m, three-year financing facility for engineering and project services company Clough Limited.
CBA was a member of a syndicate of banks providing funding for the new facility, which also included HSBC Bank Australia, National Australia Bank and Export Finance and Insurance Corporation.
The facility includes an innovative structure for a syndicated letter of credit facility and the KWM role included coordinating with foreign counsel to achieve a cross-border closing.
The King & Wood Mallesons team was led by Partner Nicholas Creed who was supported by senior associate Edmund Chan and solicitor Matthew Cowcher.
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The April 2013 issue of King & Wood Mallesons’ China Bulletin is available now.
The 2013–14 Budget contains significant changes to the Australian taxation system to address revenue shortfalls and to seek to fund spending promises.