Freehills has advised the joint lead managers on the Primary Health Care $125 million five-year retail bond issue.
The bond offer is for unsecured, unsubordinated notes which pay a floating rate of interest. Primary Health Care is Australia’s largest national service providers to a wide range of health care professionals.
Primary Health Care’s issue is the first offering since ASIC’s retail bond prospectus relief, which facilitates the issue of retail bonds by listed companies.
The Freehills team is led by partners Philippa Stone and Patrick Lowden, senior associates Faith Sing and Liam Williams and lawyer Kenneth Stanton.
Freehills partner Philippa Stone said, ‘We are very pleased to continue our history of working on ‘firsts’ in the ECM space, in this case, working with the joint lead managers on the first offer using ASIC’s class order on retail bond offers.’
The joint lead managers were National Australia Bank, Evans and Partners, Deutsche Bank and Ord Minnett (with National Australia Bank and Evans and Partners acting as joint arrangers).
Freehills’ award-winning equity capital markets team has advised the underwriters on all of two other recent notes issues – ALE Property Group’s March 2010 and Tabcorp’s May 2009 issues. Freehills also acted for the issuers of Australia’s largest recent IPOs - Aston Resources Limited, Miclyn Express Offshore and Myer and for the underwriters of Kathmandu. The team has also advised Boral, TSI Fund, Woodside, Santos, Elders, Prime Infrastructure, Lend Lease and FKP Property Group on their recent secondary raisings, and has acted for the underwriters on numerous capital raisings including those by Rio Tinto, CSR, Challenger Diversified Property Group, Australand Property Group and DEXUS Property Group.
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