Global law firm Norton Rose Fulbright has acted for the University of Wollongong on the establishment of its medium term note program and first domestic 10-year debt issuance at a fixed rate of 3.50 per cent, worth AU$175 million.
The transaction, which was arranged by two major Australian banks, marks the University of Wollongong’s return to the domestic bond market. Undertaken in a short timeframe to allow the University of Wollongong to access the final issuance window of 2017, the notes achieved a credit rating of AA with Standard & Poor’s and attracted investment bids totalling more than AU$500 million.
The University of Wollongong will use the funds generated from the issue of notes to refinance existing facilities and to assist with financing its exciting pipeline of research and teaching initiatives and significant capital projects.
The deal for the University of Wollongong was led by Norton Rose Fulbright partners Rob White and Vittorio Casamento. Rob has worked with the University of Wollongong closely for many years and commented:
“We are delighted to have acted for the University of Wollongong on this landmark transaction and we congratulate all parties on achieving this outstanding result. At a time when universities are facing increasing funding pressure, this transaction illustrates the sophistication and foresight of the University of Wollongong’s finance team to use the debt capital markets to help to secure its long term vision for growth and innovation.”
The transaction also adds to the growing capabilities of Norton Rose Fulbright in Australia in the domestic debt capital markets team led by partner James Morris. Vittorio commented:
“Following swiftly on the heels of our combination with Henry Davis York on 1 December 2017, this deal demonstrates the strength and market leading capability of the debt capital markets team at Norton Rose Fulbright.”
The firm’s team comprised of Rob White (partner) and Vittorio Casamento (partner), with assistance from James Morris (partner), Yoon Nam (associate) and others within the firm.