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 off-shore 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
Project Morrison/McAleese
Led a team of over 50 lawyers who acted for a consortium of principally offshore investors led by SC Lowy in the restructure of the ASX listed McAleese transport services 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.
Project Auckland
Acted for a syndicate of offshore special sites investors who provided a construction facility to interests associated with Salim Mehajer in connection with a large development in a novel structure which removed the control of the development from the interests associated with him.