Freehills advised APA’s issuer, APT Pipelines Limited, on its initial issue of A$300 million Medium Term Notes due in July 2020, the first 10-year corporate bond in Australia issued by a BBB rated issuer.
The Freehills team was led by partners Patrick Lowden and John Angus, along with Senior Associate, Vittorio Casamento and Legal Associate, Elizabeth Burnett. The transaction was successfully completed in a tight timeframe to take advantage of favourable market conditions.
‘The issue represents a first for the corporate bond market in Australia, being a 10 year bond issued by a BBB rated corporate issuer, and without support of financial covenants’ Lowden said. ‘The transaction was completed in a short period of time and it is great to see the Australian market provide this level of support for a first-time local issuer.
‘We were pleased to assist APA in achieving this successful outcome.’
The proceeds from the issue of the MTNs will be used by APA to refinance existing debt facilities and will extend the average maturity of APA’s debt.
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