Overseas investment decision for case 201320034 - Sankaty Advisors LLC

An overseas investment in significant business assets, being the acquisition of property in New Zealand, used in carrying on business in New Zealand, for consideration exceeding $100m, that property being:

• the acquisition by The Trust Company (Australia) Limited (TCAL) of certain debt and associated securities of BOS International (Australia) Limited and associated derivatives of both Lloyds TSB Bank plc and Bank of Scotland plc; and
• the acquisition by Deutsche Bank AG (as purchaser nominated by TCAL) of certain debt and associated securities of BOS International (Australia) Limited and associated derivatives of both Lloyds TSB Bank plc and Bank of Scotland plc

Sankaty Advisors LLC
United States Public (86%)
China Public (3%)
United Kingdom Public (2%)
Indian Public (2%)
Canada Public (2%)
French Public (2%)
German Public (1%)
Belgium Public (1%)
Japanese Public (1%)

The Trust Company (Australia) Limited
Australia (100%)

Deutsche Bank AG
Germany (45%)
European Union (excluding Germany) (33%)
United States Public (13%)Switzerland (6%)
Other (3%)

TCAL, as trustee of the Murray Opportunities Trust has agreed to purchase debt and associated securities from BOS International (Australia) Limited, including assets in New Zealand exceeding $100,000,000 in value.

TCAL considers some of the New Zealand assets are more appropriately held by Deutsche Bank AG and it will nominate Deutsche Bank as purchaser of those assets.

TCAL has appointed Sankaty Advisors LLC as the manager and servicer of the Murray Opportunities Trust.

The Applicant intends to work with the management teams and other stakeholders in the underlying companies to maximise the assets and believes it has substantial resources and specific expertise to enable it to work with the borrowers to achieve this.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.