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SEEK executes successful $150m subordinate note
SEEK has successfully completed a $150 million subordinate note with Allens’ assistance.
Naomi Neilson
Source: glassdoor.com/Photos/SEEK-Office-Photos-E229888.htm
Firm: Allens (SEEK Limited)
Value: $150 million.
Area: Debt capital markets.
Key players: The team was led by Allens head of debt capital markets, partner James Darcy.
Deal significance: While subordinated notes issuances by Australian non-financial institutions have been relatively rare in recent years, Allens has seen an increase of enquiries in relation to subordinated products.
Mr Darcy said: “SEEK Limited received strong support for its debut subordinated note issuance, and we were delighted to assist the SEEK team structure and execute a successful trade.
“As investors search for higher yields in a low interest rate environment, we may expect other corporate treasury items to investigate subordinated debt as an additional source of capital.”
Allens worked with global alliance partner, Linklaters, on the deal for SEEK.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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