Herbert Smith Freehills has advised Goldman Sachs International (Lead Manager) in relation to Drillsearch Energy Limited’s (Drillsearch) five-year Convertible Bond offer, announced today. The offering is to raise a minimum of US$100 million, with a US$25 million upsize option.
The funds raised from the offer will be used to refinance Drillsearch’s short term A$100 million Commonwealth Bank of Australia bridge facility and, for amounts raised over A$100 million, to support ongoing work programs.
The Herbert Smith Freehills team was led by Patrick Lowden, partner and head of debt capital markets, working with fellow partner and global co-head of capital markets, Philippa Stone, and senior associates Lucy Hall and Daniel Lee.
’We were very pleased to work alongside Goldman Sachs on this transaction, having worked with them as issuer or manager counsel on a number of previous similar transactions,’ said Lowden. ‘We also acted as underwriter counsel on Drillsearch’s capital raising last year, so were pleased to be able to assist with our expertise in convertible note transactions for this raising’.
Linklaters acted as the Lead Manager’s English legal counsel, with Ashurst Australia advising Drillsearch.
This transaction adds to the wealth of experience of the Herbert Smith Freehills team, which has acted on convertible transactions by a range of ASX listed issuers including CFS Retail Property Trust Group, Macquarie Communications Infrastructure Group, FKP Property Group, GPT Property Group, St Barbara Mines Ltd, Tamaya Resources Ltd, Avoca Resources Ltd and Paladin Energy Limited (including its most recent 2012 convertible bond issue and concurrent tender offer).
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