find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Globals secure US$2.3 billion in senior debt

Globals secure US$2.3 billion in senior debt


Two global firms have acted in connection with Fortescue Metals Group's Rule 144A offering of US$2 billion of Senior Secured Notes.


Firms: Allen & Overy (Fortescue Metals Group); Sullivan & Cromwell LLP (US counsel to Fortescue) 

Deal: Fortescue Metals Group's Rule 144A offering of US2.3 billion of Senior Secured Notes.

Value: US$2.3 billion

Area: Banking & Finance

Key players: Peter Wilkes (pictured) led the Allen & Overy team from Perth, with support from senior associate Jonathan Siu and associate Matthew Del Rosso. Allen & Overy counsel Ka Sen Wong advised on the tax aspects of the transaction.

Deal significance:

Senior Secured Notes are senior secured obligations and will rank equally in right of payment with all existing and future senior unsubordinated indebtedness. 

Proceeds of the issue will be used by Fortescue to redeem outstanding 2017 and 2018 Senior Unsecured Notes, swap certain of the 2019 Senior Unsecured Notes for new Senior Secured Notes and to otherwise retire outstanding indebtedness maturing in 2019. 

Commenting, Allen & Overy Perth-based partner Peter Wilkes said: “We are pleased to continue our long relationship with Fortescue Metals Group, having previously advised Fortescue on all of its funding transactions since 2006, including its US$5 billion senior secured term loan B facility. 

"This transaction will strengthen Fortescue’s financial position by extending its debt maturity profile and provide the company with considerable flexibility in coming years. This note issue also demonstrates a continuing willingness by US capital markets to support the Western Australian mining sector."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Globals secure US$2.3 billion in senior debt
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, ALA, right-to-die law
Oct 24 2017
‘Right-to-die’ laws would be a relief for terminally ill: ALA
The passage of an assisted dying bill through the lower house of Victorian Parliament has been haile...
Oct 24 2017
Diversity top of agenda for future WA Law Society president
The advancement of diversity in the Western Australian legal profession will be one of the key items...
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...