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Fletcher Building raises debt through Japanese market

Fletcher Building raises debt through Japanese market

Blake Dawson and Mallesons Stephen Jaques have advised on a debt capital markets issue through Japanese institutional investors.

Blake Dawon and Mallesons Stephen Jaques have advised on a debt capital markets issue through Japanese institutional investors.

Firms: Blake Dawson (Fletcher Building Limited), Bell Gully (New Zealand Counsel to Fletcher Building), Mallesons Stephen Jaques (Morgan Stanley)

Deal: Fletcher Building raising $120 million in debt with a term of 15 years through a private placement of fixed rate notes offered to a Japanese institutional investor

Area: Banking and finance

Value: $120 million

Key players: The Blakes team was led by banking and finance partner Paul Jenkins, tax partners Teresa Dyson and Geoff Mann, and corporate partner Phil Breden

Deal significance: The proceeds of the notes were swapped to floating Australian dollars and were used to repay existing borrowings. "This was the first issue by our client, Fletcher Building, under its recently established multi-currency Australian Medium Term Note Programme and was a very pleasing result for Fletcher and the arranger, Morgan Stanley, to tap the Japanese market with a significant issue of long term debt," said Jenkins.

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Fletcher Building raises debt through Japanese market
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