19/11/2020

Gilbert + Tobin (G+T) has advised NAOS Ex-50 Opportunities Company Limited (NAC) as issuer on its successful issuance of the A$17.5 million convertible notes to retail investors (Notes), arranged by Acacia Partners.

NAC is a listed investment company which aims to provide investors with long-term concentrated exposure to Australian undervalued listed small and mid-cap companies with an industrial focus.

The Notes are listed, unsubordinated and unsecured debt obligations of NAC, due to mature in 2027 (unless redeemed or converted earlier). The proceeds of the Notes will be used to fund further investments in securities by NAC which will support its growth objectives.

The team was led by ECM partner Alastair Corrigall and DCM special counsel, Louise McCoach, with support from lawyer Michael Tong and consultant Lukasz Napieraj.

Alastair and Louise commented on the deal: “We were pleased to advise NAC on this exciting transaction. NAC’s convertible note issue was the first retail bond issue in 2020 and has been well received by the market.”

Other recent examples of G+T’s market-leading transactions include, advising:

  • NAOS Small Cap Opportunities Company Limited in connection with the successful refinance of its A$26.5 million Fixed Rate Unsecured ASX-listed Convertible Notes due 31 March 2020 via the issue of A$27 million Fixed Rate Unsecured Notes due 3 December 2024.
  • David Jones Pty Limited and its subsidiaries in relation to its successful issue of A$300 million Senior Secured Floating Rate Notes.
  • IMF Bentham Limited on a successful refinance of its existing issuance of A$72 million of unlisted wholesale Notes via the exchange of A$37.7 million existing unlisted Notes for new unlisted Notes and the issue of A$34.3 million new unlisted Notes, due 8 January 2026.
  • National Australia Bank, as sole arranger and lead manager, on Peet Limited’s inaugural A$75 million offer of simple corporate bonds, and subsequent offer of A$50 million simple corporate bonds.
  • Qube Holdings on its A$200 million, seven year subordinated issue of ASX-listed retail notes due 31 September 2027.

Gilbert + Tobin’s market-leading ECM team, which boasts some of Australia’s leading M&A and Capital Markets lawyers, was ranked 1st in Q3 2020 for number of capital markets deals as legal advisor to the manager by Bloomberg and Refinitiv, and ranked Band 1 in ECM by Chambers Global and Chambers Asia Pacific 2020. The firm's Banking + Infrastructure team advises leading financial institutions, investment banks, corporations and private equity funds, both in Australia and abroad, and is consistently recognised by directories such as Chambers and Legal 500. This team contains some of the most experienced DCM practitioners in Australia.

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