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Media release

Mallesons continues wave of hybrid debt offer deals

​Mallesons has added another high profile hybrid debt offer deal to its strong record, acting on AGL’s $650 million high equity credit subordinated note issue.

Mallesons acted for arranger and joint lead manager Deutsche Bank AG, Sydney Branch, as well as joint lead managers ANZ Securities Limited, NAB and the Commonwealth Bank of Australia.

The funds raised are proposed to be used to increase AGL’s ownership interest in the Loy Yang A power station, and adjacent coal mine, and otherwise for general corporate purposes.  Loy Yang A power station, is Victoria’s largest power station.   

The Mallesons hybrid team was led by Finance partner Ian Paterson and M&A partners Shannon Finch and David Friedlander, supported by senior associate Piny Ly. 

This is the latest in a series of high profile hybrid and retail debt offers on which the firm has acted.  Mallesons previously advised the arrangers and joint lead managers on Colonial’s $500m hybrid securities retail offer, Tabcorp’s $200m retail offer of subordinated notes, Origin’s $900 million retail offer of subordinated hybrid notes, Woolworths $700.2 million retail offer of subordinated hybrid notes, Origin’s offshore offer of Euro 500 million subordinated hybrid notes and for ANZ on its $1.5 billion subordinated notes issue, for ANZ on its $1.25 billion CPS3 hybrid issue and for CBA on its $500 million retail bond issue.

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