Allens has advised ANZ and NAB as lenders on a matter that will see Mermaid Marine Australia Limited (MMA) receive new debt facilities, including a US$227 million facility, to part-fund its S$625 million acquisition of the subsidiaries of Jaya Holdings Limited.
The acquisition adds 27 modern offshore vessels to MMA's fleet, as well as a new-build pipeline of six high-specification vessels and two strategically located onshore facilities in Singapore and Batam, Indonesia. The fleet operates across South East Asia, the Middle East, West Africa and East Africa.
According to Partner Ben Farnsworth, who led the Allens team on the matter, the efficient execution of the financing was crucial to meet MMA's timetable for the completion of the acquisition.
'The debt funding is an essential part of MMA's funding strategy for this significant acquisition and it was pleasing to support MMA and the lenders on this major deal in the Asia Pacific region,' Mr Farnsworth said.
He said that the matter once again showcased the firm's capability in shipping finance and acquisition finance transactions.
The deal also showcased Allens' alliance with law firms Linklaters and Widyawan & Partners.
'This is a significant deal and is also a further example of our working partnership with our integrated alliance partner Linklaters and Widyawan & Partners in both initial engagement and deal execution.'
Allens legal team
Ben Farnsworth (Partner); Jamie Donnelly (Overseas Practitioner); Andrew Hanna (Lawyer).
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.