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Global firm works on second-ever simple corporate bond offering

Global firm works on second-ever simple corporate bond offering

Brian Murphy, King & Wood Mallesons

A leading law firm has advised residential land developers Peet Limited on its offering of simple corporate bonds.

Firms: King & Wood Mallesons (Peet Limited); Gilbert + Tobin (National Australia Bank Limited)

Deal: Peet Limited made an offer of simple corporate bonds with National Australia Bank acting as the sole arranger and lead manager

Value: $75 million

Area: Simple corporate bonds

Key players: The KWM team was led by partners Brian Murphy (pictured) and Phil Harvey, with assistance from senior associates Jo Dodd and James Parkin.

The Gilbert + Tobin team was led by partner Duncan McGrath, with assistance from partner Adam D'Andreti and lawyers Jamison Doyle-Taylor and Lucy Hall.

Deal significance: Peet Limited is one of Australia’s largest listed residential land developers, according to a release from King & Wood Mallesons.

Peet Limited is offering simple corporate bonds to enable it to access an alternative funds source for future strategic investments.

This is the second simple corporate bond offering under legislation passed in August 2014 aimed at cutting red tape for borrowers seeking to tap the retail bond market.

The bonds will be fixed interest, unsubordinated and unsecured debt obligations of Peet, due to mature in 2021 (unless redeemed earlier).

The proceeds of the bond issue will be used to refinance Peet’s existing 2011 convertible notes, to diversity Peet’s debt capital structure and to support its future growth objectives.

The first simple corporate bond was offered by Australian Unity in November 2015, which KWM also advised on.

Mr Murphy said: “We were very pleased to have been able to assist Peet to access an alternative funding source in this new listed simple corporate bond market.”


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Global firm works on second-ever simple corporate bond offering
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