Mallesons Stephen Jaques has acted for DBP Finance Co Limited and the DBP group on their $550 million domestic medium term notes issue, marking one of the most significant recent deals in the Australian domestic bond market.
DBP is the owner and operator of the Dampier to Bunbury Natural Gas Pipeline (DBNGP), linking the gas fields located in the Carnarvon Basin with the south-west of the state and stretching almost 1600 kilometres.
The issue consisted of $150 million fixed-rate notes and $400 million floating-rate notes, maturing in 2015. The strength in the demand for the notes from investors demonstrates confidence in both DBP and in the domestic bond market.
The Mallesons team of Perth partner Nicholas Creed and senior associate Tracey Dembo, Melbourne partner Jonathan Oldham and senior associate Lynton Hogan, and Sydney partner Rowan Russell and solicitor John Eagleton, advised on all aspects of the bond issuance, from the preparation of the information memorandum, negotiating and drafting the documents and the deal closing.
The deal was completed in approximately one month and required cross-practice and cross-border collaboration.
Allens advised the Joint Lead Managers to the bond issue: the Commonwealth Bank of Australia and Macquarie Capital Advisers.