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Blakes acts on Western Areas bond offer

Blakes acts on Western Areas bond offer

Blake Dawson is acting for Western Areas NL on its offer to exchange convertible bonds.The company seeks to swap between $100 million to $110 million of its existing 8 per cent, 2012 convertible…

Blake Dawson is acting for Western Areas NL on its offer to exchange convertible bonds.

The company seeks to swap between $100 million to $110 million of its existing 8 per cent, 2012 convertible bonds for new 6.375 per cent, 2014 convertible bonds.

The new bonds have a conversion price set at a premium of 25 per cent to the last closing share price of Western Areas.

Application has been made for the new bonds to be listed on the Singapore Exchange Securities Trading Limited.

According to Blake Dawson, the offer appears to be the first convertible bonds issue under the ASIC Class Order 10/322 regime.

This class order practically enables the issue of convertible bonds to institutional investors without the need for an Australian prospectus, thus reducing the due diligence reporting burden imposed on Western Areas by the managers.

Roger Davies is leading the Blakes team, while UK firm Linklaters is acting for the Dealer Managers, Canadian firm Blake, Cassels & Graydon and Singapore law experts Allen & Gledhill are also acting for Western Areas.

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