G+T has advised various lenders including Morgan Stanley, Citi and Deutsche Bank in connection with the $5.4 billion debt financing for Blackstone’s $8.9 billion public to private acquisition of Crown Resorts Limited by way of scheme of arrangement.
The acquisition was funded by way of a c. $5.4 billion covenant-lite Unitranche Facility provided by controlled affiliates of the Starwood Capital Group and affiliated Blackstone debt funds, supported by a $500 million super senior revolving working capital facility arranged by Deutsche Bank. The Unitranche Facilities provided by controlled affiliates of the Starwood Capital Group and the affiliated Blackstone debt funds were supported by financing arrangements provided by various banks and other institutions, including, among others, Morgan Stanley and Citi. Morgan Stanley and Citi acted as financial advisers to Blackstone in relation to the acquisition.
The G+T team led by Banking + Projects partner, Stuart Cormack advised Morgan Stanley, Citi and others in relation to the Unitranche Facility and related supporting financing arrangements. Stuart was supported by Special Counsel Louise McCoach, consultant Hannah Brellisford, lawyers Brent Thompson, James Lee and Harris Kershaw. G+T Banking + Projects partner David Kirkland advised Deutsche Bank in relation to the super senior working capital facility, supported by lawyers Mark Nichol and Yuka Nagata and Banking + Projects partner Adela Smith, supported by consultant Wenzo Mnguni advised Perpetual in relation to its facility agent and security trustee roles on certain of the financing arrangements. G+T Tax Partners Julian Cheng and Hanh Chau supported by Matthew Charman and Anthony Whitaker advised in relation to Australian tax matters.
This landmark transaction is one of the largest take-private acquisition financings in Australian market history and the first for an Australian casino operator.
Lead G+T Partner, Stuart Cormack commented: “It was a privilege to have supported Blackstone and its financiers on this market shaping transaction – being Blackstone’s largest ever in Asia-Pacific. It was an enormous undertaking for all involved in terms of its scope and complexity – the Gilbert + Tobin team had been working on it for almost 18 months, so are delighted to see it successfully completed. Our congratulations to the Blackstone team on their fantastic and hard-earned achievement.”
Gilbert + Tobin’s Banking + Projects team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2022 and Tier 1 for Restructuring + Insolvency by Legal 500. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. We act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions to complex restructuring projects.