Herbert Smith Freehills has advised the Healthscope Group on its offer of new ASX listed subordinated notes launched earlier today. The offer is seeking to raise A$150 million with the ability to raise more or less.
The proceeds of the offer will be used to repay part of the Healthscope Group’s senior debt, which will create additional financial flexibility to pursue its growth strategy. The Healthscope Group is one of Australia’s leading private healthcare services providers.
Credit Suisse, Macquarie Capital and UBS are acting as Structuring Advisers to the offer and ANZ, Commonwealth Bank, Credit Suisse, Macquarie Capital, National Australia Bank, UBS and Westpac Institutional Bank are acting as Joint Lead Managers to the offer.
The Herbert Smith Freehills team was led by partner Tim McEwen, with partner Baden Furphy, senior associate Jade Winterburn and solicitor Laura Southwell also advising on the transaction.
‘ASX listed notes currently remain one of the key strengths in Australia’s capital markets and we expect that these transactions will continue to drive activity in 2013 with a variety of subordinated notes offerings over the coming months,’ said McEwen.
Herbert Smith Freehills has had a strong start to the year in capital markets advising on the Astro Japan Property Group’s A$25.4 million placement; National Australia Bank’s A$1.4 billion offer of new convertible preference shares; and Westpac’s A$1.25b capital notes offering.
‘Already this year, we have seen a significant response to hybrid securities type offerings in the Australian market, with both the NAB and Westpac offerings nearly doubling in size demonstrating a level of confidence in the markets,’ said McEwen.
Herbert Smith Freehills has a longstanding relationship with the Healthscope Group. The firm initially advised on the acquisition of the group by funds advised and managed by The Carlyle Group and TPG, as well as the original issue of Healthscope Notes in 2010.
‘It was great to have the opportunity to work with the Healthscope Group again on this offer and we were pleased to be able to assist them in bringing this offer to market,’ said McEwen.
Herbert Smith Freehills has a leading capital markets practice, advising corporations, investment banks and governments on complex and innovative domestic and cross-border offerings of equity, equity-linked, debt and structured securities including cross-border offers.
The Australian team has advised on many of the biggest and most challenging capital raisings, recently including Commonwealth Bank of Australia’s $2 billion offer of PERLS VI (and concurrent PERLS IV buy-back and Reinvestment Offer); Bendigo and Adelaide Bank’s on its $269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer; and Westpac Banking Corporation’s offer of Tier 2 Westpac Subordinated Notes.
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