- We act for borrowers and guarantors in all transactions ranging from home loans to complex corporate facilities.
- We undertake reviews and negotiations of new loans, amendments and restructures of existing loans and negotiation of forbearance arrangements for distressed loans.
- We can provide independent legal advice certificates for guarantors and borrowers including in respect of SMSF transactions and third-party securities.
- Our advice is tailored to the requirements of our clients and their commercial priorities – we strive to understand your business and what you need from your financier.
- We have experience acting for banks and other financiers – we understand market practice, bank credit policies and security requirements and have detailed knowledge of bank documentation. Our understanding of financier standard terms, security requirements, regulatory requirements, preferences, documentation and “non-negotiables” allows us to cut through and focus on the critical commercial issues and get the deal done.
- We can advise on the consequences and effects of the documents even if you do not have power to negotiate amendments.
- We have extensive experience in negotiating and documenting forbearance and workout deeds where you are in default, have breached loan covenants or the relationship with the financier has broken down.
MORE FOR BORROWERS & GUARANTORS
- We can negotiate with financiers on your behalf and have an understanding of current market practice with respect to transactions of this kind.
- We are also able to provide certificates of independent legal advice for guarantors.
- We also advise borrowers and guarantors on personal property securities registration and other similar matters.
- Where borrowers or guarantors are struggling to comply with loan documentation, we can negotiate forbearance arrangements and workout provisions with financiers.
- We have experience in acting on behalf of borrowers in distressed situations and a trusted adviser having good relationships with financiers in the market place.
- But most importantly – when it gets tough, Michael is the go-to adviser for negotiating workouts and forbearances for struggling borrowers. He knows what it takes for borrowers to keep faith with financiers and be allowed to find solutions that satisfy all parties. An adversarial approach (or litigation) should always be the last resort.
VIEW EXAMPLES OF RECENT WORK ON BORROWERS AND GUARANTORS
LEGAL ADVICE CERTIFICATES
- Review and negotiation of senior and mezzanine finance facilities on behalf of investors in property syndicate including provision of independent legal advice certificates for individual guarantors/investors.
FORBEARANCE AND DISTRESSED DEBTS
- Acting for borrowers in respect of restructure of loan facilities with two banks secured by hotel properties located across Queensland and New South Wales. Negotiation of forbearance arrangements with each financier to allow an orderly sale of some properties and refinancing of others.
COMPLEX PRIORITY ARRANGEMENTS
- Acting for an owner of a commercial property portfolio including office towers and metropolitan and regional shopping centres in a series of bilateral and multilateral transactions to refinance the portfolio with various Australian and foreign banks. The aggregate value was in excess of $800 million. This included implementing complex priority arrangements between the respective financiers necessitated by the independent nature of each financier’s facility.
CORPORATE TRANSACTIONS (INCLUDING FINANCIAL ASSISTANCE)
- Acting for the aggregator of numerous mining services businesses as a precursor to an IPO of the consolidated business. Negotiation of finance documentation on behalf of the parent borrower with the senior, mezzanine and subordinated financiers (including vendors of the target entities) and inter-creditor arrangements. Management of the whitewashing arrangements with respect to financial assistance being provided by the target entities.
- Advising an ASX listed mining company with respect to the financing of its mining operations in South East Asia including development and operation of a gold mine. Review of syndicated loan documentation and advising with respect to various aspects including non-recourse provisions and covenant compliance.
- Advising an ASX listed energy company with respect to its financing requirements including financing a development of power stations in Queensland and Western Australia. Review of syndicated loan documentation and advising with respect to various aspects including covenant compliance and sell down restrictions. Negotiating amendments to documentation in subsequent restructure of facility.