Freehills has advised Santos Finance on its issue of €700 million ($984 million) subordinated fixed-to-floating rate notes due 2070.
The Freehills team was led by partners Patrick Lowden and Philippa Stone, with fellow partner Tony Sparks and solicitors Ivan Yu and Laura Cameron.
The notes have a tenor of 60 years, with the issuer having the option to redeem after seven years and on each subsequent coupon payment date. Key features of the notes include their high equity credit for ratings purposes, long term, mandatory deferral of interest in certain circumstances and a replacement capital covenant in favour of certain senior financiers.
The issue of the notes settled on 22 September.
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