Following on from a capital raising last year, Southern Cross Media Group has embarked on the next phase in its corporate history. The long-time client of Clayton Utz turned to the firm for assistance in the restructuring of several facets of its business at the one time.

The internalisation of the management of the group completed 10 March and the corporatisation of the group is expected to complete on 18 March. The corporatisation involves converting the triple-stapled structure into a single holding company using a Bermudan scheme of arrangement and an Australian trust scheme.

Southern Cross Media Australia has also entered into an agreement with a consortium of banks for a refinanced facility of A$375m in place of its existing business level debt facility. Banking & financial services partners Geoff Geha and Alex Schlosser advised on the syndicated facility agreement with NAB, ANZ, BOS International, GE Capital, WestLB and Macquarie Bank. Partner Alex Regan from Mallesons Stephen Jaques advised the lenders.