InfraBuild Australia Pty Ltd (the “Company”), an Australian company and a member of the GFG Alliance (“GFG”), and a direct wholly-owned subsidiary of Liberty InfraBuild Ltd (“InfraBuild”) today announced that it has priced an aggregate principal amount of US$325 million of 12.0% Senior Secured Notes due 2024 (the “Notes”).
The Notes will be guaranteed (the “Guarantees”) on a senior secured basis by InfraBuild and certain of its existing and future direct and indirect subsidiaries. The Company intends to use the net proceeds from the offering to refinance certain of its indebtedness and any remainder for general corporate purposes.
In connection with the offering of the Notes, and as part of a broader refinancing, GFG’s chairman, Sanjeev Gupta, has committed to contribute equity into the Company in the form of cash in an amount of US$150 million (the “Equity Contribution”). The Equity Contribution is conditioned on the consummation of the offering of the Notes, and the offering of the Notes is conditioned on the Equity Contribution. In addition, the Company expects to establish an asset-backed loan facility (“ABL”) concurrently with the consummation of the offering of the Notes, in the commitment amount of A$250 million. The ABL is conditioned upon the consummation of the offering of the Notes.
The Notes and the Guarantees will be offered only to persons reasonably believed to be qualified institutional buyers, pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to certain persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
This press release does not constitute an offer to sell, or the solicitation of any offer to buy, the Notes or any other securities. Any offer of the Notes will be made only by means of a private offering memorandum. The Notes and the Guarantees are not being registered under the Securities Act nor the securities laws of Australia nor any other jurisdiction. The Notes and the Guarantees may not be offered nor sold in the United States without registration under the Securities Act or an applicable exemption from such registration requirements.