Wright Legal’s Reflection on the Year that was 2020

2020 will be remembered as the year that our world was impacted by COVID-19.

In Perth we were fortunate to have experienced a lighter lockdown. However, in light of our international business interests, we have all been careful in monitoring and responding to this global pandemic.

In some ways, 2020 was an awakening for most businesses, including us. We celebrated our 20th anniversary prior to the first lockdown in Perth. We reflected on how the practice and our profession has evolved over two decades. However, it was the unique challenges suddenly imposed by the pandemic's arrival in Australia that really tested our ability to readily flex and adapt. We were fortunate that we were able to respond quickly to the lockdown without any negative impact to how we serve our clients. Wright Legal now fully embraces a more agile, flexible workplace that enables our nimble team to continue to deliver exceptional service to our clients.

Being a small, boutique banking and finance law firm, we enjoyed minimal disruption to our business. 2020 was our most productive year on record, despite the challenges associated with COVID-19.

Last year Wright Legal ‘pulled out all stops’ for our clients facilitating over A$1.5 billion in finance transactions spanning mining and resources, property, energy and commercial sectors. In some instances this meant working around the clock to meet tight deadlines and ensure all transaction stakeholders’ needs were met.

Wright Legal commenced 2020 in a strong position. Director, Dom McGreal was delighted to finalise the Northern Star Resources debt acquisition facility to purchase 50% of the Super Pit gold mine in Kalgoorlie. This complex, commercially significant transaction for A$480 million in debt finance also incorporated revolving credit and performance bond facilities as well as hedging arrangements with ANZ, CBA and HSBC.

For Macmahon Holdings, we advised on a A$170M secured syndicated debt facility with HSBC as Mandated Lead Arranger and Bookrunner for equipment financing, working capital and general corporate purposes. This enhanced Macmahon’s strong liquidity position providing the company with the flexibility to support continued growth in a cost-effective way.

Our work on the A$205M corporate facility for Cedar Woods with ANZ, Bankwest, Commonwealth Bank and NAB was also successful and, in June, Cedar Woods announced an extended tenor for its $30M finance facility for the Williams Landing Shopping Centre at Williams Landing, Melbourne.

For Strike Energy Limited, we assisted with an A$28M secured debt facility with Macquarie Bank for bridging finance to progress the West Erregulla gas project in the Perth Basin. This was a significant transaction for us as, deepening our experience in the energy space.

Our work for Resolute Mining in 2020 involved complex cross-border issues, tight timeframes and multiple structuring elements that required a proactive and meticulous approach. This incorporated a US$300M syndicated loan facility, by way of US$150M revolving credit facility and a US$150M term loan. The facilities refinanced a US$63M project loan facility provided by Taurus Funds Management for the initial construction of the Mako gold mine in Senegal and replaced US$195M existing senior bank debt facilities.

In addition to these major transactions for listed companies, Wright Legal was sought for numerous property financing, M&A and other commercial deals.