You have 0 free articles left this month.
Register for a free account to access unlimited free content.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo

Powered by MOMENTUM MEDIA

Advertisement
Goodbye job applications, hello dream career
Seize control of your career and design the future you deserve with LW career

Allens backs Tabcorp on ASX deal

Allens Arthur Robinson and Mallesons Stephen Jaques have advised on Tabcorp’s $200 million offer.

user icon Digital 22 February 2012 Big Law
expand image

Firms: Allens Arthur Robinson (Tabcorp Holdings Limited), Mallesons Stephen Jaques (joint lead managers)

Deal: Offer of unsecured, subordinated notes, to be listed on the Australian Securities Exchange

Value: $200 million

Key players: Corporate partners Robert Simkiss and Robert Pick led the Allens team, with assistance from corporate senior associates Nick Kennedy and Jessica Choong, finance partner Jason Morris and senior associate Ben O'Hoy, and tax partner Larry Magid.

Deal significance: Tabcorp, which is one of Australia's top 100 ASX-listed companies by market capitalisation, announced the offer on 14 February. The notes will pay a floating rate of interest equal to a fixed margin above the three-month bank bill rate (subject to deferral in certain circumstances). Following strong support for the offer from brokers and institutional investors, Tabcorp set the margin at 4 per cent per annum, at the bottom end of the range. “This note issue is an important aspect of the company's ongoing capital management and refinancing strategy,” said Simkiss. Pick said the matter is an example of the development of the retail debt market and ongoing push to reinvigorate the corporate bond market in Australia.

We're evolving — and so should your insights. Heads up — Lawyers Weekly is going premium from 1 May for just $5 a month. Stay informed without missing a beat. More information coming soon.

Tags
You need to be a member to post comments. Become a member for free today!