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Allens advises Endeavour Energy on $350M bond issue

13 December 2017

Allens has capped off a busy year in debt capital markets by advising Endeavour Energy on a $350 million Australian medium term note program (AMTN).

The refinancing includes $250 million in fixed rate notes and $100 million in floating rate notes, both of which will mature in December 2024.

The Endeavour Energy issuance was followed by a $265 million AMTN for Multinet Gas, announced two days after Endeavour Energy' issuance. Allens advised Australia and New Zealand Banking Group Limited and Mizuho Securities as the arrangers on Multinet's seven-year, fixed rate AMTN - the first bond issued by Multinet since being taken over by CKI infrastructure earlier this year.

The two deals cap off a mammoth 2017 for Allens' debt capital markets team, which has seen the firm cement its place as the leading adviser on infrastructure bond financing.

Four of the deals on which Allens acted during 2017 were recently recognised in the KangaNews Awards, winning Australian Dollar Corporate Bond Deal of the Year (Ausgrid Finance), Australian Dollar Non-Investment-Grade Bond Deal of the Year (Seek), Australasian-Origin Offshore Corporate Bond Deal of the Year (Goodman Group) and Australasian-Origin US Private Placement Deal of the Year (Ausgrid Finance).

'We are delighted to have advised on a series of bonds for Australian infrastructure companies in recent weeks,' said James Darcy, lead partner on the Endeavour Energy and Multinet Gas deals and head of Allens' Debt Capital Markets team.

'2017 has been a positive and innovative year for infrastructure bond financing in Australia, and we are honoured to be working with our clients at the forefront of structuring these deals.

'Increasingly, we are seeing Australian corporates looking to adopt flexible debt platforms that facilitate access to multiple sources of debt, including bond debt.

'This is in part being driven by issuers and sponsors looking at longer-term funding options, and wanting to ensure they can access debt from domestic and offshore institutional investors as and when the opportunity arises,' James said.

Allens legal team James Darcy (Partner), Rob Watt (Partner), Paul Cerche (Managing Associate)

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.