About Paul Cerché
Paul is a debt capital markets specialist, advising corporate clients, governments and major Australian banks in relation to domestic and off-shore DCM programmes and issuances. Paul acts for financial institutions, governments and corporates on domestic, US, euro, Kangaroo and Samurai bond programs, US private placements and structured debt issues. He also has experience in advising on major infrastructure projects from both the project and finance sides, as well as in other areas of banking law, including acquisition finance and general corporate lending.
Paul spent 12 months in 2011-12 on secondment to both Sullivan & Cromwell and Linklaters in New York, including working with their debt capital markets teams.
Paul's debt capital markets experience includes advising (as both issuer and arranger counsel):
- Bendigo and Adelaide Bank – capital markets programs, including the update of the bank's EMTN, domestic and ECP programs, and the subordinated debt requirements under APRA’s Basel III compliance regime and the first Basel II compliant wholesale subordinated debt issuance. Also advised on the issue of $600 million senior domestic bonds (2006-2014).
- Plenary Group Unit Trust – inaugural domestic bond issue (2014).
- Mitsubishi Corporations – Australian Subsidiary (MC Finance Australia) establishment of domestic bond programme and inaugural issuance (2013).
- Federation Centres – establishment of secured domestic and EMTN bond program and issuances (2013).
- Connect East and Sydney Eastern Distributor – establishment of secured domestic bond program and issuances (2013).
- Perth Airport – establishment of a secured domestic bond programme and a secured EMTN programme and multiple issues (2013-14).
- domestic bond issuances by DBP (the owner of the Dampier to Bunbury Pipeline) in 2010 and 2012.
- Innovia – high yield bond issue (2014).
- Ausdrill – $300 million high yield bond issue (2012).
- Kangaroo bond issues for Korea South East Power and Anglo American (2013).
- IFFIm – establishment of its Kangaroo bond programme, and inaugural Kangaroo bond issuance, and the Commonwealth of Australia's $250 million grant in favour of IFFIm.
- ANZ – over a number of years on several domestic and off-shore debt programmes.
- Bank of China – with Linklaters, advised the Bank of China Limited, Sydney Branch on its CNY2 billion note issue, the first time that a Renminbi denominated issuance has been made through an Australian branch of an offshore financial institution.
- Treasury Corporation of Victoria – Samurai Bond Program.
- Rio Tinto Limited – update of EMTN and US bond Programmes.
- Westpac – update of its EMTN, ETCD, ECP and securitisation programmes.
- Tabcorp – advising the Issuer in connection with the company's landmark Australian retail bond issuance.
- Australian Unity – MTN subordinated note issuance (2008 and 2013).
A sample of Paul's broader banking and finance experience includes:
- Port Waratah Coal Services Limited – advising PWCS in connection with the on-going financing for Port Waratah Coal Handling Facility Expansion involving existing and new financing as well as on the financing aspects of the Long Term Capacity Framework negotiated between Port Waratah Coal and the NSW Government, and the implications for the company of the privitisation of the Newcastle port (2008-2014).
- Bega Cheese Limited – advising the Financiers in connection with Bega's bid for the acquisition of Warrnambool Cheese and Butter (2013).
- Amcor Limited – advising Amcor Limited in connection with multiple financing arrangements, including it's global syndicated facility, hedging exposures, EMTN Programme and US private placement note issues (2003-2014).
- Alumina Ltd – US$320 million unsecured senior syndicated revolving credit facility with a syndicate of eight Australian and offshore banks.
- Victoria Government (Department of Infrastructure) – Public transport refranchising involving aspects of the franchise agreement, and the arrangements concerning the lease of the rolling stock and the ongoing financial guarantee obligation of the franchisees to the state. Also advising in relation to the states approval.
- M7 Refinancing – advising the financiers in connection with the refinancing of the M7 infrastructure asset.
- Bendigo and Adelaide Bank Limited – Construction and funding of Bendigo Bank headquarters involving the funding (by a sale and lease back of premises and then a securitisation of the rental streams) and construction of the new Bendigo Bank Headquarters. Paul advised on the financing aspects of both the construction project and the bank's involvement in the sale and lease back structure.
- Transurban – advising the financiers in connection with Transurbans corporate borrowing facilities (2012-2013).