International legal practice Norton Rose Group has acted for Brisbane Airport Corporation Pty Limited, owner and operator of Brisbane Airport, in connection with its US$400 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 as follows:
U.S.$150 million 5.24% Series A Senior Secured Notes due July 14, 2021
U.S.$150 million 5.34% Series B Senior Secured Notes due July 14, 2023
AUS$98,863,075 8.25% Series C Senior Secured Notes due July 14, 2026.
The offering was sold into the US private placement market and was significantly oversubscribed. In parallel with the US private placement, Norton Rose Australia advised the Company in connection an offering of AUD$200 million 8.03% Senior Secured Notes due 2019 into the Australian institutional market.
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.
Mike Dunn (partner) in London led on matters of U.S. law, assisted by Alexander Hirshfield (associate). Craig Chapman (partner and Head of Brisbane) led in Australia, assisted by Lawry Brownlie (senior associate). Petar Kuessner (partner) advised on the Australian bond offering from the practice's Sydney office.
Mike Dunn comments:
“The placement showcases the practice’s global reach and ability to advise clients operating in the transportation sector, one of our key industry focuses, across the spectrum of corporate finance transaction types, irrespective of complexity level. Our U.S. capital markets and Australian banking and secured transaction expertise, together with our depth of experience in the aviation sector, uniquely placed us to advise on the transaction.
“Our penetration into the US and Canadian market will deepen when leading Canadian firm Ogilvy Renault joins the Norton Rose Group on 1 June, along with leading South African firm Deneys Reitz. This will continue to facilitate our ability to advise our clients on cross-border capital markets transactions across our industry focuses and across jurisdictions.”
Craig Chapman comments:
“This is a significant deal, and one that shows the health of the bond markets at the moment. 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.”
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