Norton Rose has acted for Brisbane Airport Corporation Pty Ltd, owner and operator of Brisbane Airport, in connection with its $US400 million ($377.6 million) senior secured bond offering to US institutional investors.
The Norton Rose Group team that advised on the deal was made up from lawyers in the practice's London, Brisbane and Sydney offices
The bonds were issued in three tranches and the offering was sold into the US private placement market, which was significantly oversubscribed. In parallel with the US private placement, Norton Rose Sydney advised the company in connection with an offering of $200 million of 8.03 per cent senior secured notes, due to enter into the Australian institutional market in 2019.
The funds will be used by the airport to repay maturing bank facilities and fund capital expenditure and working capital over the next 18 months.
Partner Mike Dunn led on matters of US law, assisted by associate Alexander Hirshfield. Partner and head of Brisbane Craig Chapman led in Australia, assisted by senior associate Lawry Brownlie. Partner Petar Kuessner advised on the Australian bond offering from the practice's Sydney office.
"This is a significant deal, and one that shows the health of the bond markets at the moment," said Chapman. "There continues to be growing interest from the United States in Australia, with this offering attracting a considerable amount of interest. Airports are particularly popular in the private placement market at the moment."