DEAL: First all A$ term loan B financing

Author: Brian Yap | Published: 21 Oct 2016

Australia is positioning itself at the forefront of the global Term Loan B (TLB) market, after recently hosting the world’s first Australian-dollar TLB governed by Australian Law and issued by a foreign corporate.  

Iron Mountain Australia Group, a wholly-owned subsidiary of US information management and storage company Iron Mountain, entered into an AUD250 million ($191 million) syndicated facility agreement by way of a TLB in September.

The deal has broken new ground by claiming the title of first TLB where an Australian security is supplemented by a synthetic collateral allocation mechanism (CAM), and drafted in a style similar to Asia Pacific Loan Market Association documentation.

The CAM enabled the lenders under the new Australian facility and the lenders under the larger US revolving credit facility to share enforcement proceeds from each of their security pools, following an appropriate cross-currency calculation.

Iron Mountain is the first foreign corporate to...



close Register today to read IFLR's global coverage

Get unlimited access to for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice


*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb