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Freehills and Allens guide capital raising offer

Freehills and Allens Arthur Robinson have advised Macquarie Capital Advisers Limited and ALE Property Group (ALE Property) respectively on ALE Property's announced $100 million capital raising…

user iconLawyers Weekly • 30 March 2010 • Big Law
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Freehills and Allens Arthur Robinson have advised Macquarie Capital Advisers Limited and ALE Property Group (ALE Property) respectively on ALE Property's announced $100 million capital raising venture.

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The capital raising will take place by way of an offer of unsecured loan notes - to be known as ALE Notes 2 - and is an important part of ALE Property's capital structure, forming part of its broader capital management initiatives which are aimed at reducing overall gearing and lengthening the average term of its debt facilities.

Allens partner Stuart McCulloch said he was pleased to be a part of the team advising ALE Property and added: "There is a lot of current interest in developing the corporate bond market in Australia, and in particular extending such issues to the retail market to provide issuers with greater diversity of funding options."

Freehills partner Philippa Stone also said she enjoyed working with the parties and speculated about the potential for change in the area.

"ASIC has recently foreshadowed that they may act to simplify regulatory requirements applying to retail note offerings, and this is an area where we hope to see more activity in the future."

Numerous lawyers were involved in the transaction, including Matthew Allchurch and Eve Regnard of Allens, and Faith Sing, Carl Hornigold and Sally Choi of Freehills.

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