find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
ABL in first Trans-Tasman hybrid security

ABL in first Trans-Tasman hybrid security

ARNOLD BLOCH LEIBLER advised Nufarm Limited on the issue of hybrid securities in Australia and New Zealand, the first of their kind to be offered in both jurisdictions at the same time.Lead…

ARNOLD BLOCH LEIBLER advised Nufarm Limited on the issue of hybrid securities in Australia and New Zealand, the first of their kind to be offered in both jurisdictions at the same time.

Lead partner on the deal, Jonathan Wenig, said the $251 million issue of “Nufarm Step-up Securities” won the firm and the lead managers on the offer, UBS and Merrill Lynch, the Institute of Finance Professionals New Zealand’s Debt Deal of the Year Award, presented last month.

“There are benefits to companies such as Nufarm — and a lot of large corporates are doing it — in having some characteristics of debt and some characteristics of equity,” explained Wenig.

“When the market looks at them, and ratings agencies assess Nufarm, they won’t treat this as being $250 million of debt; they also won’t treat it as being $250 million of shares, but a combination of the two.”

Arnold Bloch Leibler’s role in the deal included chairing the due diligence committee, preparing and reviewing due diligence and transaction documentation and project managing the offer process.

Wenig said the deal was also made more complex by Nufarm’s desire to offer the holders of Nufarm’s existing fixed-rate NZ-dollar denominated capital notes the opportunity to participate.

“Nufarm wanted to introduce a cutting-edge financing tool, while keeping faith with its investor base, including retail investors in New Zealand,” he said.

“The structure, the logistics and the timing imperatives created various challenges, but we were able to overcome those challenges and deliver a great result.”

The NSS were offered in October last year, with the offer closing on 17 November, with 2,510,000 securities were allotted at a price of $100 per security. Trading began on the ASX and NZX on 27 November, and the first distribution payment was paid on 15 April at a rate of 8.35 per cent per annum.

Wenig was supported by Lisa Ashcroft, David Shafer and Rosie Pane.

Nufarm manufactures, develops and markets crop protection chemicals.

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

ABL in first Trans-Tasman hybrid security
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Lawyers welcome same-sex marriage reform
Dec 11 2017
Lawyers welcome same-sex marriage reform
Australian lawyers have welcomed the recent legalisation of same-sex marriage, after a prolonged nat...
Senate disallows double standards for temporary visa holders
Dec 8 2017
Senate disallows double standards for temporary visa holders
Lawyers have welcomed the Senate’s rejection of regulations imposing strict penalties on temporary...
Handcuffs, freedom
Dec 7 2017
Queensland clocks up more breach of bail offences
A new report about sentencing trends in Queensland shows the number of offenders who have been sente...
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 & ...