Kooragang Island Tank Terminals executes debt raising
Baker McKenzie has described issue of secured notes by a private company in a part of the market typically accessed by ASX-listed issuers as a sign of growing sophistication in the market.
Firms: Baker McKenzie (National Australia Bank); Undisclosed (Kooragang Island Tank Terminals)
Deal: National Australia Bank (NAB) was the sole lead manager and initial subscriber for the issue of $41.2 million, 7 per cent fixed rate secured notes by Kooragang Island Tank Terminals.
Value: $41.2 million
Key players: Baker McKenzie partner Duncan McGrath led the team advising NAB. Solicitor Andrew Slucky and graduate lawyer Daniella Lambert assisted in the transaction.
Kooragang Island Tank Terminals owns and operates a bulk liquid fuel storage terminal at the Port of Newcastle, within the Kooragang Island, Walsh Point precinct.
The private company issued $41.2 million, 7 per cent fixed rate secured notes, due 2022.
Bakers lead partner Duncan McGrath, who advised NAB as sole lead manager and initial subscriber for the deal, said his team was delighted to have assisted the bank.
“The deal – undertaken by a private company in a part of the market typically accessed by ASX-listed issuers – clearly demonstrates the increasing depth and sophistication of the market,” Mr McGrath said.