King & Wood Mallesons (KWM) has advised affiliates of Värde Partners (as outgoing senior lender and incoming equity holder), Deutsche Bank AG (as incoming senior lender) and AMAL Management Services (as outgoing facility agent and security trustee), on the A$1.2 billion restructure, recapitalisation and refinancing of the Bis Industries group, an Australia-based materials handling and resource logistics provider.
The transaction, implemented in a number of stages, involved a reorganisation of the Bis Industries group's ownership structure, transferring ownership to its senior lenders via two creditors' schemes of arrangement, a recapitalisation of the group's balance sheet through a partial debt-for-equity swap, simplifying the group's capital structure to comprise senior secured debt (significantly reduced from approximately A$1.2 billion) and ordinary equity and junior debt, the majority of which is controlled by affiliates of Värde Partners and The Carlyle Group.
The kwm corporate, and banking and financing teams were led by partners Ros Anderson and Andrew Maynes, assisted by senior associate Clifford Sandler and solicitors Nick Hawthorne and Tim Nelmes. Partner Dale Rayner and solicitor Jenny Zhou advised AMAL.
Acting in various roles on the transaction, the King and Wood Mallesons teams assisted in implementing a complex transaction across multiple jurisdictions.
Partners Ros Anderson and Andrew Maynes said; "We are thrilled to have acted in this highly complex transaction, allowing us to demonstrate the strengths of our corporate, and banking and financing teams."
