King & Wood Mallesons (KWM) has advised Westpac as arranger and senior financier of a multi-seller, multi-currency trade receivables facility for the Asia-Pacific subsidiaries of Westcon International Limited, a subsidiary of Datatec Limited which is incorporated in South Africa and listed on the Johannesburg Stock Exchange.
To provide maximum working capital funding flexibility for Westcon, the Westpac facility includes note and overdraft facility funding in A$, NZ$ and US$ backed by receivables originated by the Asia-Pacific subsidiaries in Australia, Singapore and New Zealand and denominated in A$, US$, S$ and NZ$.
The facility is provided through a special purpose vehicle and provides the option for additional sellers to join the program in the future. The first funding occurred on 25 September 2020.
The KWM team was led by Senior Associate Briana Bentley, supported by Partner Paul McBride, Solicitor Sophie Litwinowicz and Graduate Caitlyn Duke.
Commenting on the deal Paul McBride said:
"We were delighted to advise Westpac on this cross-border financing facility to in-turn provide a solution that enabled maximum funding flexibility for Westpac's client."
KWM is a leading adviser on securitisations and other receivables and structured financings across Asia-Pacific and was recently awarded IFLR Asia, Structured Finance and Securitisation Team of the Year (2020).
The Westpac team was led by Paolo Tanca – Director Structured Finance, Nikit Sawjani – Associate Director Structured Finance and Simon Oh - Senior lawyer, WIB legal – Specialised Finance.