Simpson Thacher & Bartlett and Baker & McKenzie have advised U.S. modular construction company Algeco Scotsman Group and Australia’s Ausco Modular on a $3.4 billion refinancing of debt stemming in part from the two company’s merger.
 
Algeco Scotsman, majority-owned by London private equity firm TDR Capital, last year agreed to purchase Brisbane-based Ausco and its New Zealand sister company Portacom Building Solutions. The deal gave Algeco its first leg into the Asia Pacific region, building on operations in 20 countries across North America and Europe.
 
Financing for the transaction closed Oct. 11 and included about $2.2 billion in bonds and a $1.2 billion asset-backed credit facility. In addition to funding the Ausco acquisition, the money raised will be used to refinance both companies’ existing debt facilities and to meet ongoing working capital needs.
 
Simpson Thacher & Bartlett New York partners Kenneth Wallach, Marissa Wesely, Robert Holo and David Rubinsky, as well as partner Stephen Short in London, advised Algeco and Ausco on U.S. and U.K. law. Baker & McKenzie Sydney partners George Harris and Julie Hutton acted as Australian counsel to the companies.
 
Skadden, Arps, Slate, Meagher & Flom advised underwriters led by Bank of America and Deutsche Bank on U.S. and U.K. law. King & Wood Mallesons Sydney partner Richard Hayes advised them on Australian law.
 
Email: tbrennan@alm.com .