Herbert Smith Freehills has advised Port of Brisbane, through its financing subsidiary QPH Finance Co Pty Limited, on the establishment of its AUD Medium Term Note Programme and its inaugural issuance of AUD 300 million 5.75%, 7 year senior secured Medium Term Notes (Notes), which settled on 29 July 2013.
The funds raised from the Notes will be used to repay a portion of Port of Brisbane’s existing senior debt and for general corporate purposes.
The Herbert Smith Freehills team was led by Patrick Lowden, partner and head of debt capital markets, working with fellow partner Kate Cahill, senior associate Daniel Lee, lawyer Sally Tucker and graduate Rowan Kellam.
“We were very pleased to have been able to once again work alongside Port of Brisbane on this highly successful transaction, having worked with the Port previously on their US private placement in August 2012 and the recent refinance of their existing syndicated debt facilities,” said Lowden. “The Notes provide an opportunity for the Port to further diversify its source of funds. There was strong demand for the Notes with the issue closing approximately four times oversubscribed, which is a clear indication of the market’s appetite for quality corporate issuances in the Australian medium term note market.”
This transaction adds to the wealth of experience of the Herbert Smith Freehills team, which has acted on domestic corporate medium note transactions by a range of issuers so far in CY 2013, including Lend Lease Group, GPT Group and Goodman Australia Industrial Fund.
Australia and New Zealand Banking Group Limited and National Australia Bank Limited were the Joint Lead Managers of the transaction, represented by King & Wood Mallesons.
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