Value: $500 million.

Deal: Global law firm Ashurst has advised Qantas Airways Limited on its issuance of $500 million 5.25 per cent notes due 2030 under its $2.5 billion debt securities programme, and its repurchase of part of its $400 million 7.50 per cent notes due 2021.

Area: Banking and finance.

Key Players:  The Ashurst team was led by partner Caroline Smart, assisted by lawyer Siak Goh and trainee Davy Hu.

Deal Significance: Ashurst said Qantas’ successful issuance of notes, which was oversubscribed, demonstrates the Australian flag carrier’s continued ability to access long-term debt capital. 

This issuance of notes forms part of Qantas’ ongoing management of its debt maturity profile and strengthening of its short-term liquidity.

“We are proud to assist Qantas in this successful transaction. The positive investor reaction, volume and pricing for the offer are a welcome indication of investor confidence and demand in the Australian corporate bond market generally, and in Qantas in particular,” Ms Smart commented.

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Qantas is one of few airlines with continued access to long-term, unsecured bond markets. Ashurst said access to this and other funding sources in recent months during the COVID-19 crisis reflects Qantas’ strong overall position, the importance of aviation to its home market of Australia and clear recovery plan.