Firms: Ashurst (Crown Resorts Limited); King & Wood Mallesons (the structuring advisers UBS AG, Australia Branch and Deutsche Bank AG, Sydney Branch and the joint lead managers UBS, Deutsche Bank, ANZ Securities Limited, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation).
Deal: Crown Resorts Limited’s Subordinated Notes II offer
Value: $400 million
Key players: Finance partner Paul Jenkins was the lead partner for Ashurst, assisted by corporate partner Elspeth Arnold.
The KWM team was led by M&A partner David Friedlander (pictured), who was supported by senior associate Amanda Isouard and solicitor Robert Garritano. Banking & finance partner Ian Paterson advised in relation to the debt aspects of the transaction.
KWM also advised the lead managers on Crown’s $400 million hybrid offering in 2012.
Deal significance: Crown intends to raise $400 million through the offer of Notes II, with the ability to raise more or less. A prospectus for the offer was lodged with ASIC on 17 March.
The offer forms part of Crown’s capital management strategy and the proceeds will be used for general corporate purposes including financing Crown Sydney, Crown Towers Perth and other anticipated growth projects.
Notes II are expected to be issued, with trading to begin on ASX, on 23 April 2015.