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A day in the life of…
Graduate – Banking + Infrastructure at Gilbert + Tobin
Sean Macdonald studied a Bachelor of Laws (Finance and Accounting) (Honours) and is a graduate in Banking + Infrastructure at Gilbert + Tobin.
The first of eight alarms, set three minutes apart, goes off; press stop eight times in the next 21 minutes.
Wake up for real – sweating, paranoid it's 10.00 am and still half dreaming about a facility agreement. Run to the train in gym gear and arrive at the Barangaroo Fitness First at 8.00 am. Pump straight, big iron for 10 minutes with a few people from Gilbert + Tobin (G+T). Spend the rest of the time standing around and talking while pretending we are exercising.
Arrive at my desk after showering and changing at the G+T end of trip facilities in Barangaroo. Respond to any emails that have come in overnight and prepare for my first call of the day at 10.00 am with KWM. The call is regarding a new financing for a large tourism company that is being provided by a US fund and a big four Australian bank. It is a very interesting transaction as it will be an unitranche facility, which is still a relatively new concept in the market.
KWM advise that the assets being purchased, which are subject to the financing, are changing. The acquisition documents will be updated, which will then flow into the finance documents. After getting off the phone with KWM, I call the two lenders to advise them of the changes and expected delays in the timeline.
Incessantly message multiple people to find out who will come and get a coffee with me and end up with a ragtag group of four people. Try to convince such group to go to Shirt Bar as they provide a free cookie with the coffee, push through the negativity at my suggestion (apparently Dukes has better coffee) and end up at Shirt Bar.
KWM has provided the acquisition documents so I begin reviewing the share purchase agreement and property sale agreement. Although these documents are corporate documents, I am reviewing them from a banking perspective and highlighting any important considerations for the lenders. This includes any ongoing liabilities, warranties available to the purchaser and lack of coverage in the warranties. I then review the term sheet and make any appropriate changes, such as making funding conditional on certain aspects like getting all necessary government consents.
Eat a quick lunch at my desk while preparing documents for a signing at 1.00 pm. We have a director coming in to sign a whole suite of documents related to an accession for an Australian company to a US facility agreement. The documents include the financing and security documents, but also the various notices, certificates and ASIC documents that are ancillary documents to the main finance documents. I get the director to sign all documents, which are then held in escrow until we close and exchange signature pages with the lenders.
Head upstairs to a junior training for the banking group. Today’s training is a negotiation workshop – we get partnered up and spend 45 minutes negotiating the permitted regime in a facility agreement. This is a great way to apply practical skills in an informal setting and to also learn from the others in the group, as all juniors have worked on a wide range of transactions.
Jump on a call with two banks regarding syndication for their investment in an Australian chemical and water treatment company. The finance documents are still being negotiated, however, the banks want to start their syndication process so they can have other banks enter into the documents as day one lenders. I am assisting with putting together a term sheet of the key terms in the facility agreement and also an invitation letter that is sent to prospective lenders. After the call, I make some final changes to the documents and then send it to Allens to sign off, as they are acting for the borrower.
We have just received an email from an investment bank in regards to an ancillary facility that is being exercised under the financing they provided in August 2018 to an Australian data centre. Under the documents, the company can request an additional facility of 30 million to fund new developments. I work through the documents provided, which include an offer letter, corporate documents, a new customer contract for the customer taking up capacity at the data centre (this contract is provided as security to the lenders) and other third party reports. I also talk to our tax team regarding any potential tax implications, such as whether this new facility will need to be publicly offered again.
Eat dinner at G+T. Our onsite chef cooks a lovely meal each evening: two hot options and two salads. Dinner is a good chance to have a meal with the others in the firm and take a break from the desk.
Put in my time for the day, organise my inbox and set up any meetings necessary for tomorrow morning before heading home around 9.00 pm.
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