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Hogan Lovells advises Barings on its first ever Australian unitranche financing

04 October 2017

Press Contact

Sonal Chugani

Senior Business Development Adviser
+852 2840-5679

AUSTRALIA, 4 October 2017 – Leading global law firm, Hogan Lovells, led by Acquisition Finance Partner, Richard Hayes, has advised Barings (formerly Babson Capital) ("Barings") on its first ever Australian unitranche/super senior structured financing.

With over US$288 billion in assets under management, Barings is one of the world's leading asset management firms and is a member of the MassMutual Financial Group.

Barings' unitranche financing has been used by The Riverside Company ("Riverside") to acquire Energy Exemplar, one of the world's leading providers of optimization-based modelling and simulation software primarily serving the energy market.

Energy Exemplar's core business, operating under the PLEXOS brand, is well-recognised in the global energy community and is used by a diverse range of customer groups including energy market participants, system planners, investors, regulators and consultants.

Established in 1988, Riverside is a global private equity firm with more than US$5 billion assets under management. Riverside focuses on acquiring mid-sized companies with an enterprise value of up to US$400 million.

Commenting on the deal, Richard Hayes noted:

"We were delighted to assist our client, Barings, with the structuring, negotiation, documentation and successful completion of this ground breaking transaction involving teams from our Sydney, Perth, London and Los Angeles offices working seamlessly together".

The deal is significant for the Australian financing market given the novel nature of the unitranche/super senior structures. Unitranche structures comprise a single take-and-hold facility and carry a blended margin, which replaces the need for separate senior and mezzanine facilities. We expect unitranche will soon become more common given the number of global debt funds and banks already familiar with these structures. Hogan Lovells have been at the forefront of the development of the unitranche market in Europe since its inception in 2008 and continues to advise many of the leading direct lenders on leveraged finance transactions throughout the world.

The Hogan Lovells Australia team comprised Partner Richard Hayes, Partner Matt Johnson, Senior Associate Francis Booth, Associate Sherry Khalili, Associate Charles Wehbe and Law Graduate Eric Van Winssen.

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