King & Wood Mallesons has advised Cash Convertors on its $100 million securitisation facility with Fortress Australia.

The transaction involved a complex unwinding of Cash Convertors existing Westpac securitisation trust and re-transfer of trust receivables.

At the same KWM helped negotiate new transactional facility arrangements for Cash Converters providing them with day-to-day transactional banking facilities.

The KWM team was led by partner Nicholas Creed, supported by Special Counsel Richard Winter.

Commenting on the deal, KMW partner Nicholas Creed said, “The refinancing resulted in a significant improvement in financing terms for Cash Converters and a simplified Securitisation structure and covenants. We were delighted to assist Cash Convertors on this strategic transaction.”