Clayton Utz advises on successful debt and equity restructure of Camp Australia

Restructuring and Insolvency National Practice Group Leader, Timothy Sackar, led our team advising the senior and mezzanine lending syndicates on all aspects of the restructure. Timothy was supported by Banking & Finance partner, Graeme Tucker, and Corporate partner, Rory Moriarty, together with their respective teams, which included notably Jillian Robertson and Ashleigh Tang (both special counsel, Restructuring and Insolvency), Sam Pullin (senior associate, Corporate) and Timon Ibrahim (senior associate, Banking & Finance).

While this was a business impacted by the COVID-19 pandemic, the lenders remained supportive and worked with Camp Australia's management team to find common ground in negotiating the terms of a restructure. Clayton Utz advised a lending group of Allegro Funds, Tanarra Capital, Perpetual, Intermediate Capital Group and Broad Peak Investment Advisers. The transaction also sees the exit of sponsor, Bain Capital. The restructure was made particularly complex by a range of factors including:

  • the group's two tiered secured debt package provided by syndicates comprising both on-shore and off-shore lenders;
  • the negotiation of an amended debt facility and a new shareholders' agreement between lender-shareholders and the company; and
  • ensuring the group continued to trade throughout the restructuring.

The successful implementation of this restructure enables Camp Australia and its some 3,700 employees to move ahead with a deleveraged balance sheet and an aligned shareholder-lending syndicate.

Congratulations to Camp Australia and everyone involved in this complex and challenging transaction!

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