find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Real Estate & Projects Lawyer (6+ years PAE)
Category: Property Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Top tier firm with offices nationally · High profile clients
View details
Australian Unity bond offer to raise $200m

Australian Unity bond offer to raise $200m

Brendan Groves, Clayton Utz

Two firms have advised on the first capital raising to take advantage of the new ‘simple corporate bonds’ legislation.

Firms: King & Wood Mallesons (Australian Unity); Clayton Utz (Evans and Partners, NAB and ANZ)

Deal: Australian Unity is offering Series B Australian Unity Bonds to raise approximately $200 million.

Value: $200 million

Area: Capital raising

Key players: The KWM team was led by partners Shannon Finch and Ian Paterson, who had assistance from senior associates Anthony Boogert, Jo Dodd and Hoda Nahlous, as well as law graduate Melanie Gilbert.

The Clayton Utz team was led by corporate partner Brendan Groves (pictured), with assistance from senior associate Warrick Louey and lawyers Kate Allison and Craig McDermaid.

Deal significance: Australian Unity is a national healthcare, financial services and retirement living organisation providing services to around 850,000 customers, including 300,000 members nationwide.

Australian Unity announced its offer of Series B Australian Unity Bonds to the market on 9 November, to raise approximately $200 million.

The offer is the first in Australia under the simple corporate bonds regime introduced in 2014.

Under the offer, Australian Unity is offering interest-paying, unsubordinated and unsecured bonds with a face value of $100 each, which mature on 15 December 2020. The bonds are expected to be listed on the ASX from mid-December.

Evans and Partners and NAB were joint arrangers and joint lead managers, and ANZ was also a joint lead manager to the offer.

Clayton Utz lead partner Brendan Groves said: “It's pleasing to see this first offer of simple corporate bonds under the new legislative regime, which we believe provides issuers with a more streamlined and cost-effective avenue to raising funds.”

He continued: “We anticipate that the market may consider further offers under the simple corporate bonds regime, which allows issuers to diversify their funding options as a supplement to traditional equity raisings and bank debt.”


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


Australian Unity bond offer to raise $200m
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Applauds
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...