Deal Profile | Gadens advises CIMIC Group Limited in SCB Global performance bond facility
11 April 2019
Acting in relation to a USD100m bank guarantee and performance bond facility provided to members of the CIMIC group. The facility is for the issue of bank guarantees, performance bonds and similar instruments to support the contractual obligations of CIMIC group members and affiliates across the globe in a variety of currencies. The facility makes provision for the issue of instruments by various members of the Standard Chartered group and their correspondent banks in order to maximise flexibility and geographical coverage.
Firms involved: Ashurst – Acted for Standard Chartered Bank, Australia Branch.
Deal value: USD100m
Deal area: Banking & Finance
Practice groups involved: Banking & Finance
Key team members: Gadens Partner Brad Allen (Banking & Finance)
Gadens Partner Brad Allen says: “It was a pleasure to work with CIMIC, Standard Chartered and our colleagues at Ashurst on this facility. The facility allows CIMIC to deal with its relationship bankers under the laws of its home jurisdiction while providing access to Standard Chartered’s global network to source bank guarantees and performance bonds across the world.”