Armando Scenna | partner

Armando advises on all aspects of banking and finance and has extensive experience in corporate and commercial transactions.

He works in various sectors including property and construction, health and education, professional services, hospitality and trade. His work has included advising in relation to syndicated facilities (acting for agents, lead participants, and minority participants) and club facilities.

Armando has also advised in relation to managed investment schemes, mezzanine funding and intercreditor arrangements, as well as moratorium and workout arrangements.

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Experience

Investment facilities

Acted for a major Australian Bank in documenting construction and takeout investment facilities totalling $200 million. Construction facilities were made available for the development of apartments, townhouses, supermarkets and specialty shops in various estates, together with the development of a particular social housing venture. Complex negotiation points included the waterfall repayment structure, qualifying presale and ratio alignments, agreement for lease side deed negotiations and conditions associated with equity release.

Mezzanine arrangements

Negotiated and documented mezzanine arrangements for a private lender the purpose of which was to support secured term deposit arrangements and capital expenditure and interest retention requirements. The negotiation involved ratio calculations and waterfall priority and release arrangements.

Unfair Contract Terms

Redrafted the suite of facility documents used by a number of non-bank private lenders in order to accommodate and reflect the new Unfair Contract Terms regime.

Property redevelopment

Acted for a major Australian Bank in respect of its lending to a not-for-profit organisation for the redevelopment of a former TAFE site into a new home for artists and creative industries, in order to help alleviate the crisis of affordable arts space in Australia. Lengthy negotiations surrounded the arrangements with government bodies pertaining to take out and enforcement of the facilities made available and the related priority position.

Multi option facility

Acted for a major Australian Bank in documenting the provision of a multi option facility made available to a national Australian law firm, including the provision of a contingent liability facility and equipment finance facilities. The transaction involved complex change of control, profit distribution terms and parallel corporate restructure provisions.

Revolving facility

Negotiated a revolving facility for a funds manager to support a refurbishments program and regulated buy-backs pertaining to certain aged care facilities. Negotiations involved the form of existing and future residential agreement templates, the operator agreement and manager agreement provisions and factors relating to and timing of minimum occupancy requirements and equity cure thresholds.

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