Patrick has significant expertise and experience in corporate finance, property and development finance, special situations and distressed debt lending, asset finance and complex workout and restructuring arrangements. He is also a recognised expert in surety bonds and credit enhancement products. Patrick is an experienced and trusted adviser to a number of Australia's leading financial institutions. He also acts for project sponsors and large corporate borrowers and developers.
Patrick also acts for a range of offshore and local funds and investors who provide capital across the entire debt and equity spectrum. He has experience in structuring and implementing stressed and highly distressed financing transactions. He also has experience in claims trading and secondary debt transactions including traded bonds, the acquisition of syndicated debt at less than par and other secondary investments.
Patrick is a current member of Corrs' Board and a member and previous chairperson at the Australian Surety Association.
Key deals
The Clough group
Acting for Swiss Re, Liberty and Vero in connection with the successful work out of the Clough Group in resecting of their bonding exposures to the Group.
John Holland
Advised the insurance syndicate in connection with the A$1 billion syndicated bank guarantee facility provided to the John Holland Group.
Woolworths syndicated bank guarantee facility, world first
Acted for a syndicate of global insurance and re-insurance companies who provided the world’s first syndicated bank guarantee facility placed exclusively with the insurance markets in relation to Woolworths' A$500 million Workcover arrangements.
Project Persephone
Acted for a syndicate of offshore funds and investors which provided construction funding for nine large, distressed residential development projects. This involved structuring, documenting and carrying out due diligence in connection with the complex restructuring of the financing arrangements. This included advising on back-to-back loan arrangements between the syndicate and an interposed SPV and the landowners of the nine projects; the acquisition of the existing senior land bank facilities and associated securities; the provision of new facilities to the landowners; effecting a cross-collateralisation of the nine sites and the facilities; implementing development management arrangements for each of the nine projects; and dealing with complex inter-creditor issues.
Qantas
Acting for a syndicate of offshore insurers and reinsurers in relation to implementing Qantas’ bank guarantee arrangements in connection with its Workcover obligations.
Project Athena
Advised Ray White Capital and a syndicate of domestic and offshore lenders in a circa $900 million syndicated loan note subscription agreement to Roberts Jones for a landmark industrial and logistics site within the Western Sydney Aerotropolis located directly across from Badgerys Creek Airport.
Legacy Property Group
Advising the Legacy Property Group on financings for numerous projects including land subdivisions at Caddens, Orchard Hills and Macquarie Park.
Qartaba Homes
Advised Ray White Capital and a syndicate of investors in relation to a distressed debt acquisition in respect of Qartaba Homes.