KWM advises Goldman Sachs and JPMorgan on first Australian corporate cov-lite Term Loan B

King & Wood Mallesons (KWM) advised joint lead arrangers and bookrunners, Goldman Sachs (as left lead) and JPMorgan on a landmark A$350 million Term Loan B facility for leading tech companies LEAP Legal Software Pty Ltd (LEAP) and InfoTrack Group Pty Limited (InfoTrack), under the holding company, Australian Technology Innovators.

InfoTrack is considered Australia's leading regulated data provider for property, company and personal information, while LEAP provides practice management software for small and medium-sized law firms.

The transaction is the first Australian law standalone covenant-lite AUD Term Loan B facility for an Australian corporate – differentiating it from other transactions where the AUD Term Loan B tranche was part of a wider transaction with USD tranches or with a US parent.

Banking Partner, Yuen-Yee Cho led the KWM team, supported by Senior Associate Jason Byrne and Solicitors Zoe Anderson, Karen Chen and Jing Wang from Banking. Specialist IT/IP assistance was provided by Partner Patrick Gunning and Senior Associates Nick Sinclair and Melissa Miller. Commenting on the deal, Yuen-Yee Cho said; "KWM are delighted at the opportunity to work on this significant transaction in the developing A$-denominated covenant lite loan market.  The product connects domestic and international institutional debt investors with Australian corporates, providing them with a wider choice of financing options."

KWM also acted on other recent AUD covenant-lite Term Loan B financings including Cimic/Apollo's Ventia Group (previously known as Leighton Services), Baring Private Equity's SAI Global and Bain Capital's Camp Australia.