Freehills has advised China Investment Corporation (CIC) in relation to its recent A$200 million participation in the Goodman Group’s recently announced finance facility with Macquarie Bank Ltd.
To facilitate CIC’s participation, Macquarie Bank and its associates sold down $15million of their exposure, which, when combined with CIC’s $200 million commitment takes the facility size to $485 million.
In connection with CIC’s participation in the facility, the Goodman Group agreed to grant an additional 255.3 million options which, together with the earlier 414 million options issued in relation to the facility, will be shared between CIC and the other lenders on a pro rata basis.
The Freehills team was led by partner Fiona Smedley, with partners Leon Pasternak and Wendi Gwynn, who were supported by lawyers Lucinda Flanagan, Emma Hoeben and Anthony Wan.
Freehills lead partner, Fiona Smedley, said of the transaction, ‘Freehills is very proud and excited to have worked with CIC in relation to this investment, which was CIC’s first investment in Australia.
The Freehills team worked closely with CIC on all aspects of the transaction and with Morgan Stanley, who also advised CIC in relation to its participation in the facility.
The facility and options are subject to a number of conditions, including FIRB approval and Goodman Group security holder approval.
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