Firms: Minter Ellison (SP Ausnet on Australian elements of the transaction); Linklaters Singapore (SP AusNet); Allen & Overy Singapore (joint lead managers)
Deal: SP AusNet has issued €500 million worth of bonds as part of its global $US5 billion Medium Term Notes (MTN) program; this is its first-ever ASX-listed bond issue
Area: Banking & finance
Value: €500 million
Key players:Partners Theo Kindynis (pictured) and James Hutton led the transaction for Minter Ellison, with assistance from special counsels Renee Doyle and Caitlin Chiu
Deal significance: Minters acted for SP AusNet in relation to all Australian elements of the transaction, particularly the ASX listing of SPI Electricity & Gas Australia Holdings. Minters has previously advised SP AusNet on a range of corporate transactions, including bond issues, asset acquisitions and regulatory matters. SP AusNet is the largest diversified energy network business in Victoria, owning and operating more than $10 billion of electricity and gas distribution assets, including the state-wide electricity transmission network.
This is its first-ever ASX-listed bond issue. It was also SP AusNet’s first euro-denominated bond issue and, despite the current volatile conditions in the debt markets, SP AusNet received strong demand in the bond issue where it was more than four times oversubscribed by investors.