Allens advises on Programmed Maintenance Services' $600 million syndicated facility

Allens has advised Programmed Maintenance Services Limited (PMSL) and its subsidiaries on the refinancing of debt funding in connection with the acquisition of the SKILLED Group by PMSL under a scheme of arrangement.

The refinancing involved PMSL entering into a $600 million syndicated facility agreement and a NZ$10 million bilateral facility agreement. Westpac is the mandated lead arranger underwriter and bookrunner, agent and security trustee.

Both PMSL and SKILLED are involved in labour hire and workforce services in Australia and abroad. The combined entity will be one of the biggest employers in Australia and will likely become an ASX 200 company.

According to Partner Ben Farnsworth, who led the Allens team on the matter, a deep understanding of PMSL's business acquired through the firm's longstanding relationship with the company was crucial to the effectiveness of the new financing arrangement.

'It was imperative that our team worked closely with PMSL to ensure the financing was effective and efficiently executed according to the timetable for completion of the acquisition. We thoroughly enjoyed working with PMSL and Westpac to achieve this significant financing,' Ben said.

He said the deal showcased the Allens' Perth banking and finance team's capability in complex corporate financings.

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