Allens is the top borrowers’ and lenders’ legal counsel on syndicated loans for the third quarter of 2020, according to rankings from Debtwire.
Having advised borrowers on approximately US$13.1 billion and lenders on approximately US$9.3 billion in syndicated loans in Australia, and borrowers on approximately US$13.4 billion in the Asia Pacific (ex-Japan), the firm was ranked:
- number one borrowers’ legal counsel in the Asia Pacific (ex-Japan) for volume and market share;
- number one borrowers’ legal counsel in Australia for volume and market share; and
- number one lead banks’ legal counsel in Australia for volume, number of deals and market share.
The results continue a streak of success in the Debtwire rankings, with Allens named top borrowers’ legal counsel in Australia in every quarter of 2020 so far.
‘In Q3 we saw the market continue to stabilise following the initial impact of Covid-19 and the wave of consent requests which followed,’ said Banking and Finance Practice Group Leader Alan Maxton.
‘We’re seeing clients take advantage of ongoing liquidity to finance new opportunities and refinance existing exposures, as well as increasing diversification of debt sources with growth in fund finance and other multi-source and alternative credit transactions.’
In one of the most significant syndicated loans of the quarter, Allens advised TPG Telecom Limited (the newly merged Vodafone and TPG entity) and its subsidiaries on all aspects of its new A$5.25 billion facility, which involved a syndicate of 15 lenders.