Herbert Smith Freehills Kramer (HSF Kramer) has advised AusNet Services Holdings Pty Ltd (AusNet) on its highly successful A$1.1 billion subordinated notes issuance. The notes have a 30-year maturity, a 10-year non-call period and include the option for AusNet to defer interest payments.
Based in Victoria, AusNet is an Australian energy network business with over $14 billion in assets. It operates three core regulated networks: electricity distribution, gas distribution, and the state-wide electricity transmission network, and has a portfolio of contracted energy infrastructure.
The HSF Kramer team was led by partner Andrew Booth, executive counsel Amy Repse, senior associate Andrew Julian and solicitor April Whitehead.
Andrew Booth said: "We are very pleased to have assisted AusNet on its $1.1 billion subordinated notes issuance. The transaction shows continued strong appetite for subordinated note offerings by Australian issuers, and the exciting options available to corporate treasurers. We look forward to continuing to support AusNet with its capital management strategies."
The transaction involved Australia and New Zealand Banking Group Limited, Merril Lynch (Australia) Futures Limited, MUFG Securities Asia Limited, National Australia Bank Limited and The Hongkong and Shanghai Banking Corporation Limited as Joint Lead Managers.
This deal is the latest example of HSF Kramer's market-leading work in hybrid and subordinated securities. Other recent examples include the firm advising on hybrid transactions for Melbourne Airport, Ampol, Lendlease and TransGrid.