Primary Health Care Limited Pro-Rata Entitlement Offer
Primary Health Care will now have an augmented position across many key areas including Medical Centres, Pathology, Radiology and Health technology, with the pro rata entitlement of new shares partly used to fund the acquisition of Symbion Health Limited.
Multiplex European Property Fund IPO
The Fund is Multiplex Capital’s first European-focused property fund, having a mandate to invest in all key property asset classes across Europe. The initial assets comprise of 67 properties located throughout Germany. Medium and long term goals include maintaining a significant weighting towards the retail sector, with the remainder of Fund assets to be primarily invested in office and industrial property sectors. In addition to Germany, the primary focus of the fund will be Euro-zone countries such as France, Italy, Spain and Belgium.
Valad Property Group (VPG) Capital Raising
Scarborough is a UK based property group with interests in funds management, asset management, property services and development and passive property ownership in the UK and Europe. The acquisition represents the next step in Valad’s stated strategy to establish European and Australasian platforms for its operations and product offerings.
Westfield A$3 billion accelerated rights issue
We advised the Westfield Group in its A$3 billion accelerated rights issue to raise capital to finance Westfield’s activities, including its extensive development program. The capital raising was the first for the Westfield Group since its stapling in 2004 and one of the largest capital raisings in Australia. The Westfield Group is the world’s largest listed retail property group with a property investment portfolio with interests in 119 shopping centres located in Australia, New Zealand, the United States and the United Kingdom.
RAMS Home Loans IPO
The RHG IPO was the culmination of a lengthy trade-sale process, which switched to a dual track exit process. The float proceeded smoothly despite a challenging timetable. RHG was the first high profile victim of the capital markets credit crisis that stuck in August 2007, shortly after listing.
Macquarie Group’s - Project Jigsaw -Refinancing and Regulatory Capital Aspects of the Corporate Restructure
This was a fundamental change to the business structure of one of Australia’s leading banks, Macquarie Bank, by way of the incorporation of a non-operating holding company (NOHC). This was the first such matter undertaken for a bank in Australia.
Centennial Coal Convertible Notes Issue - JP Morgan
A global institutional offering of perpetual, subordinated, convertible unsecured notes to wholesale investors, to raise up to $165 million. An offering circular was prepared to facilitate Singapore listing, but also was prepared to quasi prospectus standard to facilitate secondary sales issues on conversion of the notes, with the benefit of special ASIC relief.
IAG - A$ NZ$ Lower Tier 2 Issue
We advised Insurance Australia Group Limited (IAGL) and Insurance Australia Funding 2007 Limited (IA Funding) on the establishment of a NZ$250,000,000 subordinated medium term note program and inaugural subordinated medium term note issue. IA Funding, a wholly-owned subsidiary of IAGL, issued the notes with the benefit of a subordinated credit support deed from IAGL. The issue was the first public Kauri bond issued by an Australian general insurer utilising a credit support deed to address section 116(3) of the Insurance Act 1973 concerns while still achieving lower tier 2 regulatory capital treatment.
Kangaroo Bond Market
The kangaroo bond market has continued to grow in size and significance and Mallesons continues to act for the leading arrangers and issuers in the market. According to he Reserve Bank of Australia kangaroo bonds’ share of the total stock of domestic bonds, including Commonwealth Government Securities and semi-government issuances, has risen from around 2% during most of the 1990s to more than 20% with total outstanding issuance exceeding A$95 billion.
Valad Property Group (VPG) Convertible Bond Deal
Valad Property Group’s strategic alliance with Kimco Realty Corporation, a leading United States Real Estate Investment Trust (REIT), raised A$200 million in capital via a convertible note issue, assisting Valad to expand its global distribution platform through creating funds management and joint venture opportunities. A distinctive and influential partnership, the respective real estate businesses of the companies will now have opportunities for further development by leveraging the corresponding distribution networks of both groups. Marketing and the introduction of funds management products and opportunities to major pension fund and institutional investor networks are expected to be the focus of the alliance.
ANZ Non-innovative Tier 1 Hybrid Security
The issue of a mandatorily convertible preference share issued by ANZ and stapled to a subordinated note issued by ANZ New York Branch to raise GBP450 million of non-innovative tier 1 hybrid capital for ANZ.
Dyno Nobel Step-Up Securities
The issue of step-up perpetual, exchangeable, preference units in a managed investment scheme to raise up to $300 million. This was an example of adapting a trust preferred security structure from the financial institution hybrids to a corporate entity.
Goodmans
Goodman PLUS (Perpetual Listed Unsecured Securities) are perpetual, unranked, non cumulative discretionary distributions, non callable for five years. The issue achieved a number of firsts, the most notable being the first hybrid by a property trust or REIT to achieve equity credit from the rating agencies. It also included features, such as the PIK (Pay in Kind) distribution clause, that are unique to the requirements of property trusts.
Orica Step-Up Preference Securities
We advised Citigroup and Macquarie as lead managers on Orica’s hybrid issue of step-up preference securities. Proceeds from the capital raising were applied to fund Orica’s A$900 million acquisition of Dyno Nobel’s European, Middle Eastern, African, Asian and Latin American operations from Macquarie Bank.
PERLS IV
PERLS IV was an issue of Tier 1 capital in the form of a note stapled to a preference share. The issue size was $1.465 billion.