Capital Markets

"They are very practical, commercially astute and service-oriented." "I think they punch above their weight – with their depth of experience, they can drive deals but also know when to back off." Chambers Asia-Pacific 2012

To perform on the global stage, capital markets participants must be adept at integrating with international standards. Yet Australian companies should not lose sight of their own goals or the financial and legal parameters within their own jurisdiction. To successfully navigate these challenges, you need legal advisers skilled in interpreting existing and developing legal requirements combined with a strong awareness of commercial realities.

Our approach

Our Capital Markets team advise listed companies and funds, financial advisers and their clients, underwriters and institutional investors across the range of Australian capital markets transactions. Providing commercial advice and outcomes, we ensure our clients are kept informed and feel in control throughout the process.

We are renowned for providing innovative and groundbreaking advice on new and existing financial structures and financial products. We have acted for many listed corporations in their debt and equity capital markets transactions as well as placements and hybrid issues. We have excellent working relationships with the Australian Securities & Investments Commission, the Australian Securities Exchange and the Australian Prudential Regulatory Authority.

Our services

Our capital markets services include:

conducting initial public offerings
establishing and structuring listed and unlisted managed funds
advising on secondary offerings including rights issues (including accelerated entitlement offers), private placements, share purchase plans and DRP underwritings
advising on the structuring of complex capital instruments, such as debenture and hybrid offerings
advising on capital management strategies, including buy-backs and capital reductions.
debt capital markets and securitisation – on various programme establishments, drawdowns, credit-wrapped notes, US private placements and Islamic bonds.

Our team has also worked closely with investment bank advisers and corporate management to advise on a number of public-to-private transactions.

Our experience

ACP Magazines, a subsidiary of Nine Entertainment Co. Holdings Pty Limited – acting for ACP Magazines, a subsidiary of Nine Entertainment Co. Holdings Pty Limited on its $565 million sell down of its 49.1% stake in carsales.com Limited through a block trade to institutional and sophisticated investors.
Alinta Energy Group – on behalf of the Directors of Alinta Energy Group in relation to the $2.7 billion debt-to-equity swap.
Azumah Resources Limited – on its offering of 50 million ordinary shares by way of a short form prospectus in Canada and private placement outside of Canada.
Bankwest (CBA) – on the amendments and increase of their US$9 billion ECP Programme.
Blackstone Group – on the acquisition of 100% of the stapled securities in Valad Property Group valued at $700 million.
The Carlyle Group – on its 15% cornerstone placement in Qube Logistics.
China Construction Bank (CCB) – acted for CCB’s Sydney branch on the establishment of their US$2 billion ECP Programme.
CBA and Industry Funds Management – advised CBA and Industry Funds Management (on separate elements) of the $5 billion sale of the GE portfolio of mortgage loans to Pepper and on subsequent term deals.
Credit Suisse – on as underwriter on the Royal Wolf IPO. Royal Wolf raised $ 90.95 million pursuant to an IPO on the ASX. The IPO was at the time of launch the largest float for 2011. The issue was at a fixed price of $1.83 a share, valuing the group at $184 million. Credit Suisse was the sole lead manager on the offer.
Energy Developments Limited – on its $25 million accelerated rights issue.
Goldman Sachs – on the $71.3 million underwritten entitlement offer and placement announced by Skilled Group.
IMB – on its Lower Tier II Note issue under its $2 billion Debt Issuance Programme and on related amendments to the Program.
Industrial and Commercial Bank of China (ICBC) – acted for ICBC’s Sydney branch on the establishment of their $4 billion debt instrument program and subsequent issues under it.
Investa Commercial Property Fund – on the establishment of its $500m Medium Term Note programme and issues under it.
Lloyds TSB Bank plc – advised as arranger on the Australian-dollar asset backed securities to be issued by Headingly RMBS 2011-1 plc, a British securitisation special purpose vehicle valued at £1.25 billion. This was the first kangaroo securitisation in the market.
Silver Lake Resources Limited – advised as Australian counsel on their institutional share placement.
UBS – on the $40 million underwritten entitlement offer by Coffey.
Westpac and NAB – on the establishment of Brisbane Airport Corporation MTN programme and on the inaugural issue of notes under it.