WHSP makes $225m convertible notes offering

By Naomi Neilson|21 February 2021
DLA Piper

Washington H. Soul Pattinson and Company has successfully made a $225 million convertible notes offering with assistance from DLA Piper.

Firm: DLA Piper (Washington H. Soul Pattinson and Company Limited) 

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Deal: DLA Piper has advised Washington H. Soul Pattinson and Company (WHSP) on its $225-million convertible notes offering. 

Value: $255 million.  

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Area: Corporate, finance. 

Key players: The multi-jurisdictional and cross-practice team was led by Australian corporate partner David Ryan and Singapore-based corporate partner Philip Lee, with support from finance partner Onno Bakker, tax partner Eddie Ahn, special counsel Kelly Morrison, senior associate Elliott Cheung, associate Mei Sum Chan and paralegal Katherine Keene. 

Deal significance: About $200 million of the offer’s proceeds was used to pay down existing debt to lower WHSP’s average cost of debt and to increase its debt maturity profile, with the remainder to be used to strengthen liquidity position. 

The unsecured senior convertible notes are due in 2026 and were listed on the official list of the Singapore Exchange Securities Trading Limited. USB AG, Australia Branch acted as the sole bookrunner and lead manager to the offering. 

Mr Ryan commented: “We are delighted to have advised our long-standing client on its convertible notes offering, a funding source that is becoming more common in Australia. This is another example of DLA Piper’s growing track record in successfully executing complex multi-jurisdictional capital raising transactions, often within tight windows.”

WHSP makes $225m convertible notes offering
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