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NB Global Corporate Income Trust finalises multimillion-dollar raising
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NB Global Corporate Income Trust finalises multimillion-dollar raising

Fadi Khoury

Corrs Chambers Westgarth has advised Neuberger Berman Australia Pty Ltd and Equity Trustees Limited on NB Global Corporate Income Trust’s raising of more than $476 million.

Firms: Corrs Chambers Westgarth (Neuberger Berman Australia Pty Ltd and Equity Trustees Limited)

Value: Approximately $476 million

Area: Finance

Key players: The Corrs team was led by partner Fadi C. Khoury.

Deal significance: The NB Global Corporate Income Trust aims to provide Australian investors with the “opportunity to diversify their investments by investing in a portfolio of high-yield corporate bonds issued by companies located globally (including the likes of Netflix, Hertz and Accor Hotels)”.

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According to a statement from Corrs, this raising involved a non-renounceable pro rata entitlement offer of new units in the ASX-listed NB Global Corporate Income Trust to existing unitholders, plus an additional shortfall offer to other retail and institutional investors in Australia and New Zealand.

The offer was strongly supported and closed over-subscribed on 27 June 2019.

Corrs lead partner on the matter Fadi C. Khoury said: “Neuberger Berman is an 80-year-old global manager with over $A455 billion under management.

“With the market capitalisation of the NB Global Corporate Income Trust to grow to approximately $A890 million on 12 July 2019, it will become the largest ASX-listed investment trust managed by a global investment manager.”

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Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media and editor of its legal publication, Lawyers Weekly. 

She graduated from Charles Sturt University with a Bachelor of Communications (Journalism).

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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