Firms: Allens Arthur Robinson (Tabcorp Holdings Limited), Mallesons Stephen Jaques (joint lead managers)
Deal: Offer of unsecured, subordinated notes, to be listed on the Australian Securities Exchange
Value: $200 million
Key players: Corporate partners Robert Simkiss and Robert Pick led the Allens team, with assistance from corporate senior associates Nick Kennedy and Jessica Choong, finance partner Jason Morris and senior associate Ben O'Hoy, and tax partner Larry Magid.
Deal significance: Tabcorp, which is one of Australia's top 100 ASX-listed companies by market capitalisation, announced the offer on 14 February. The notes will pay a floating rate of interest equal to a fixed margin above the three-month bank bill rate (subject to deferral in certain circumstances). Following strong support for the offer from brokers and institutional investors, Tabcorp set the margin at 4 per cent per annum, at the bottom end of the range. “This note issue is an important aspect of the company's ongoing capital management and refinancing strategy,” said Simkiss. Pick said the matter is an example of the development of the retail debt market and ongoing push to reinvigorate the corporate bond market in Australia.
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