Leighton Services to launch A$900 million facility in NY on Wednesday

By Sara Rosenberg

New York, April 2 – Leighton Services (LS Deco LLC) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a A$900 million-equivalent senior secured credit facility (Ba2), according to a market source.

The company will also hold a bank meeting in Sydney on April 13 and a bank meeting in Melbourne on April 15 for the transaction.

Barclays, Credit Agricole, ANZ and Goldman Sachs are the bookrunners on the deal.

The facility consists of a A$100 million five-year revolver and a A$800 million-equivalent seven-year covenant-light term loan B that will include U.S. dollar and Australian dollar tranches, the source said.

Proceeds are being used to finance the recently completed formation of Leighton Services, a 50-50 investment partnership with Leighton Holdings and Apollo Global Management LLC for Leighton’s merged operations and maintenance services businesses, and to fund a letter-of-credit cash collateral facility.

Net first-lien and total leverage is 2 times, the source added.

Leighton Services is a provider of industrial and civil services to clients in Australia and New Zealand across telecom, roads, water, power, utilities and environmental sectors.

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