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Allens acts for Tabcorp in first ASX-listed corporate bond issue in almost 20 years

26 March 2009

Allens Arthur Robinson (Allens) has advised Tabcorp Holdings Limited (Tabcorp) on the first major retail offering of corporate bonds in almost 20 years.

Tabcorp, a leading gambling entertainment group, has just announced its offer of Tabcorp Bonds to be listed on the Australian Securities Exchange (ASX).

Tabcorp Bonds have a five-year term, paying quarterly interest calculated as a fixed margin over the three-month Bank Bill Rate. Tabcorp is aiming to raise around $200 million through the offer.

Allens' Partners Robert Simkiss, Robert Pick and Jason Morris headed up the deal, advising Tabcorp on, among other things, the preparation of the prospectus and the structure of the bonds' terms and conditions.

According to Mr Pick, Co-Head of the Equity Capital Markets Practice Group at Allens: 'This transaction represents the first retail corporate bond offering by an ASX-listed entity in almost two decades. By entering the retail corporate bond market, Tabcorp is seeking to access a funding pool that will enable it to further pro-actively manage and diversify its debt profile in the current uncertain economic environment.

'This transaction may well be the first in a series of similar offerings by ASX-listed entities as the retail corporate bond market re-opens and provides another funding option for investment-grade entities as part of their ongoing balance sheet management programs.'

'Allens was delighted to help and guide Tabcorp on the first deal of this kind in the current market,' Mr Simkiss added.

Allens has had a long relationship with Tabcorp, most recently advising them in early 2009 on their $387 million institutional placement and share purchase plan.  

Allens legal team Corporate: Robert Simkiss (Partner – Melbourne), Robert Pick (Partner – Melbourne), Jason Morris (Partner – Melbourne)

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Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.