Welcome to the November edition of The Dispatch. In this edition, private capital deals strike hot for the financial services and food & agribusiness sectors.
Commencing in capital markets, Rhys Casey and Ian Paterson jointly led a team assisting Bank of Queensland Limited (BOQ) on its offer of Capital Notes 3, which raised $400 million as part of its capital management strategy.
A team led by Rhys Casey and Matt McKeown advised Namoi Cotton on its equity raising of approximately A$14 million, by way of an underwritten renounceable pro-rata entitlement offer (Offer). The Offer included an oversubscription facility and was sub-underwritten by Namoi Cotton’s two largest shareholders.
In Energy, Resources & Infrastructure's deal of the moment, Peter Stirling and Diana Nicholson are leading a team assisting BHP's $9.6 billion bid for OZ Minerals. BHP submitted a revised non-binding indicative proposal to the Board of OZ Minerals Limited (OZL) to acquire 100% of OZL by way of a scheme of arrangement for a cash price of A$28.25 per OZL share.
A cross practice team led by Lorenzo Pacitti, Antonella Pacitti, and Nathan Collins assisted Iluka Resources Limited on its strategic partnership with Northern Minerals Limited on a life of mine supply agreement for the supply of rare earths resources concentrate to Iluka from Northern’s Browns Range Project.
In another noteworthy deal, involving a vital piece of Australian electricity infrastructure, Tim Klineberg, Tony Troiani, Mark Vanderneut and Andrew Monotti teamed up to assist FTI Consulting Australia as receivers and managers on all aspects of the receivership of the Basslink Group of Companies. Basslink owns and operates the interconnector cable that links Tasmania with the mainland. The sale of the interconnector cable and telecoms business to APA Group completed on 20 October 2022.
Continuing on the restructuring theme, Samantha Kinsey is currently working side by side with the Voluntary Administrators, Korda Mentha on the wind up of Deliveroo Australia. Are there warning signs of more wind ups? Tim Klineberg and Will Stawell have a chat about where the Australian market is at and warning signs to look out for. Listen to it here.
Crossing borders, Urszula McCormack recently led a team assisting The Bank for International Settlements (BIS) in successfully piloting a new blockchain based platform for cross-border transactions utilising multiple central bank digital currencies.
Paul McBride and Darwin Goei advised Sumitomo Mitsui Banking Corporation (Singpaore) on the repackaging of Aussie RMBS into short term commercial paper issued by a Cayman Islands Special Purpose Vehicle and sold to Japanese money market investors.
In the Real Estate sector, a cross practice team including Mark Bayliss, Mandy Tsang, Natalie Halpern, Jessica Wallis, Mal Brennan and Nathan Hodge have been advising LaSalle Investment Management on a program of investments, exits and other related matters for an Asia regional opportunistic strategy, and also for an Asia regional mandate from CalSTRS. This included the acquisition of the A$300 million Crossroads Homemaker Hub, the largest single retail asset trade of the year in the Australian market.
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