Gilbert + Tobin has advised National Australia Bank Limited (NAB) , as sole arranger and lead manager, on Peet Limited’s (Peet) $75 million offer of simple corporate bonds, announced today.
The offer of simple corporate bonds by Peet is only the second of its type in Australia, following the introduction of new legislation introduced to streamline retail debt issues.
The bonds will be fixed interest, unsubordinated and unsecured debt obligations of Peet, due to mature in 2021 (unless redeemed earlier). The proceeds of the bond issue will be used to refinance Peet’s existing 2011 convertible notes, to diversity Peet’s debt capital structure and to support its future growth objectives.
The Gilbert + Tobin deal team was led by Banking and Infrastructure partner Duncan McGrath, working with Corporate Advisory partner Adam D’Andreti. Duncan and Adam were supported by lawyers Jamieson Doyle-Taylor and Lucy Hall.
Duncan McGrath said: “We are delighted to have advised NAB on this transaction which is only the second offer of simple corporate bonds in Australia to date and a precedent for the future of retail bond offerings in Australia.”
“This transaction presented a fantastic opportunity for us to provide our client with the combined expertise of our ECM and DCM teams, who regularly work together on capital markets transactions,” added Adam D’Andreti.
Gilbert + Tobin’s market-leading ECM team advised on seven of the top 10 largest IPOs in the 2015 calendar year and is ranked Band 1 in Chambers Asia Pacific 2016. 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.