Gilbert + Tobin and HSF Kramer have advised on Sembcorp Industries’s AUD3.1 billion (USD2.1 billion) club facility to support its AUD6.5 billion acquisition of Alinta Energy from Hong Kong’s Chow Tai Fook Enterprises.
As part of the transaction, Singapore-headquartered energy and urban solutions provider Sembcorp also acquired Pioneer Sail Holdings and Latrobe Valley Power from Chow Tai Fook Enterprises through its wholly owned subsidiaries, with Ashurst and A&O Shearman advising on this aspect of the deal.
The acquisition of Australian energy platform Alinta required a financing framework capable of providing certainty of funding for completion while enabling Sembcorp to operate and grow post-transaction. The club facility was structured to fund the acquisition, refinance existing group debt and provide ongoing liquidity and operational flexibility.
Gilbert + Tobin worked with Sembcorp and its financial adviser, DBS Bank, to deliver a borrower-led syndicated platform across lenders in Australia and Asia. Partner and co-head of real assets Stuart Cormack led the team, alongside lawyers Stephen Adrian and Hannah Townley.
“Our work was limited [to] advising on the acquisition financing and debt funding aspects of the transaction, including continuation of certain existing Alinta debt facilities,” Cormack told Asia Business Law Journal.
A&O Shearman advised the lenders on the AUD3.1 billion club facility, with partner William Kim leading the team.
HSF Kramer advised Chow Tai Fook Enterprises on the strategic review and sale of Alinta Energy, with the team comprising partners Nick Baker and Baden Furphy.
Ashurst assisted Sembcorp on its acquisition of Pioneer Sail Holdings and Latrobe Valley Power, with partner and co-head of M&A in Australia Tony Damian leading the deal team.
