King & Wood Mallesons (KWM) is pleased to have advised Flight Centre Travel Group Limited (FLT or Flight Centre) on its recent issuance of A$450 million senior unsecured convertible notes due 2032 (Notes), which are listed on the SGX-ST, and the repurchase of a portion of its existing convertible notes due 2027 and 2028.
Flight Centre managing director Graham Turner said:
“This is a continuation of our proactive capital management strategy. This transaction provides further balance sheet flexibility to support our growth plans in a cost-efficient manner. The liquidity provided by the convertible bond market continues to be an important part of our capital structure.
“The Offering and Concurrent Repurchase substantially extends FLT’s debt maturity profile, while allowing us to continue to benefit from low-cost fixed rate funding.”
This transaction is the third issuance of FLT SGX-ST-listed convertible notes supported by KWM and follows KWM’s involvement in similar convertible note issuances and buyback transactions for other ASX-listed issuers.
The KWM team was led by M&A Partners Paul Schroder and Karim Issa in Australia, together with Capital Markets Partner Andy Ferris providing cross border coverage between Singapore and Australia. Senior Associate Jaspreet Nagra, Solicitors Gordon Yen and Perry Prineas supported in Australia and Associate Jinni Yeo in Singapore.
Commenting on the deal, Karim Issa said:
“We are pleased to continue to support Flight Centre with its capital management and capital raising initiatives.”
Andy Ferris added:
“This transaction demonstrates that the convertible market remains active and a viable alternative for many issuers to pure equity markets.”
Paul Schroder noted:
“Our role on Flight Centre’s capital management exercise reflects our continued market leadership on convertible notes offerings by ASX issuers.”
The offer of new Notes and the concurrent repurchase both settled on 3 September 2025.
