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Freehills behind corporate bond market first
Freehills advised APA Group's (APA) issuer, Australian Pipeline Trust (APT) Pipelines Limited, on its initial issue of $300 million medium term notes (MTNs), due in July 2020.This is the first…
Lawyers Weekly
Freehills advised APA Group's (APA) issuer, Australian Pipeline Trust (APT) Pipelines Limited, on its initial issue of $300 million medium term notes (MTNs), due in July 2020.
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This is the first 10-year corporate bond in Australia issued by a BBB rated issuer.
The Freehills team was led by partners Patrick Lowden and John Angus, with the assistance of senior associate Vittorio Casamento and legal associate Elizabeth Burnett.
According to Freehills, the transaction was completed within a tight timeframe in order to take advantage of favourable market conditions.
"The issue represents a first for the corporate bond market in Australia, being a 10-year bond issued by a BBB rated corporate issuer, and without support of financial covenants" said Lowden.
"The transaction was completed in a short period of time and it is great to see the Australian market provide this level of support for a first-time local issuer."
The proceeds from the MTN issue will be used to refinance APA's existing debt facilities and extend the average maturity of APA's debt.
