Pillsbury Winthrop (International) represented Envestra Victoria Pty Limited, an Australian natural gas distributor, in connection with a US$175 ($250) million traditional 4(2) private placement of three series of its senior notes due 2015, 2018 and 2033, respectively. The issuance and sale of the 30-year tenor series C notes represented a first for an Australian issuer. The transaction’s other distinctive feature is that the terms and conditions of the senior notes operate within the issuer’s existing financing documentation, extending to the purchasers of the notes the rights, powers and remedies available to existing creditors of the issuer. Envestra Victoria Pty Limited, a wholly owned subsidiary of Envestra Limited, is a leading gas distribution utility in the States of Victoria and southern New South Wales, whose sole activity is the delivery of gas to retail consumers and a group of industrial and commercial enterprises. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Commonwealth Bank of Australia and Macquarie Securities Inc. acted as placement agents. Angelique Mentis, Jing-Kai Syz and Cécile King worked on the transaction, which closed on 19 September 2003.