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Mallesons Stephen Jaques has advised on the first secured retail bond IPO by an Australian company this year, which opened to the public today. Brookfield is seeking to raise $57 million via the “Brookfield Secured Bonds Series A” (BSB-sA). BSB-sA are limited recourse debentures which attract a fixed rate of interest. The bonds are secured by a first-ranking mortgage on a Sydney property, in which Brookfield Multiplex holds a 50 per cent interest. According to lead partners on the transaction, Ian Edmonds-Wilson and David Eliakim, the GFC calls for a re-thinking of financing arrangements and the type of retail securities on offer. The legal work for Brookfield Multiplex was completed by a Mallesons team consisting of Mr Eliakim and Senior Associate Anand Sundaraj from Mergers & Acquisitions and Mr Edmonds-Wilson and Senior Associate Anny Chen from Banking & Finance. “Our M&A and Banking and Finance groups worked closely with Brookfield Multiplex on this product which carries an attractive yield and is underpinned by high-quality security. This was a really interesting and novel transaction to work on, and it has been well received by the market,” Mr Eliakim said. |
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