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Debt capital market deal sparks long-term funding options

Debt capital market deal sparks long-term funding options

A multimillion-dollar medium term note program has been achieved for Endeavour Energy.

Firms: Allens (Endeavour Energy)

Deal: Endeavour Energy has issued a multimillion-dollar medium term note program in Australia.

Value: $350 million

Area: Debt capital markets

Key players: Allens partners James Darcy and Rob Watt led the team advising Endeavour Energy. Managing associate Paul Cerche assisted with the transaction.

Deal significance: Endeavour Energy’s $350 million refinancing included $250 million in fixed rate notes and $100 million in floating rate notes, both of which will mature in December 2024.

Allens debt capital markets head James Darcy said that 2017 had been a positive year for infrastructure bond financing in Australia.

“We are honoured to be working with our clients at the forefront of structuring these deals,” Mr Darcy said.

He went on to observe that Australian corporates wanted flexible debt platforms to help access multiple sources of debt.

“This is in part being driven by issuers and sponsors looking at longer-term funding options, and wanting to ensure they can access debt from domestic and offshore institutional investors as and when the opportunity arises,” Mr Darcy said.

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