Virgin Australia secures issuance on AUD and USD notes
Herbert Smith Freehills has advised Virgin Australia on its concurrent issuance with both Australian dollar- and US dollar-denominated unsecured notes.
Firm: Herbert Smith Freehills (Virgin Australia Holdings Limited)
Deal: Herbert Smith Freehills (HSF) has advised Virgin Australia on its concurrent issuance of Australian dollar-denominated unsecured notes to be listed on ASX to raise $325 million and US dollar-denominated unsecured notes to be sold to institutional investors in the US and other jurisdictions to raise US$425 million.
Value: $325 million and US$425 million.
Key players: The team is led by partners Patrick Lowden and Philippa Stone and includes partner John Angus, executive counsel Vinh Huynh, senior associates Steven Catanzariti and Peter Ip, solicitors Michael Burrell, Jennie Bian, Shananne Joyce, Luca Credentino, Jennifer Catterson and graduate Katherine Duong.
Deal significance: The offers form part of Virgin Australia’s funding strategy in connection with its proposed acquisition of Affinity Equity Partners’ approximately 35 minority investment in the award-winning “Velocity” loyalty program. The surplus proceeds from the offers will be used for general corporate purposes.
Mr Lowden said: “It is a pleasure to work with the Virgin Australia team on this transaction. The offers mark an exciting development for Australian corporate debt capital markets, demonstrating investor support in a market traditionally dominated by investment-grade issuers.”