Examples of our hybrid experience are:
Macquarie Airports Management Ltd
Advised Macquarie Airports Management Limited in an acquisition to increase
their pre existing holding of Sydney Airport and Brussels Airport The
transaction involved debt and hybrid securities.
CBA Trust Preferred Securities
Advised Commonwealth Bank of Australia on an issue of Trust Preferred
Securities to raise US$550 million to provide the bank with tier 1 capital.
Westpac Banking Corporation
Advised Westpac on AXA's A$600m Kangaroo tier 1 hybrid note issue. The issue is
the first of its kind in the Australian market, being classified a Basket D on
Moody's debt equity continuum. Also advised Westpac on its US$750 million issue
of Trust Preferred Securities. Trust Preferred Securities are tier 1 capital of
Westpac for APRA regulatory purposes.
Westpac FIRsTS
Acted for Westpac Funds Management Limited as responsible entity of the
Westpac First Trust which raised more than A$600 million by issuing Westpac
FIRsTS to provide tier 1 capital for Westpac Banking Corporation's ongoing
capital management strategy. The Westpac FIRsTS are resettable securities which
can be exchanged into cash or Westpac Ordinary Shares in certain circumstances.
GrainCorp
Acted for the lead managers and underwriters of GrainCorp Limited's $130
million issue of reset preference shares (RPS). The funds from the RPS will be
used by GrainCorp to acquire Grainco Australia Limited by way of a merger.
News Corporation
Acted for The News Corporation Limited as Australian special counsel on its
issue of $1.655 billion of BUCS in the US. BUCS are a debt security which can be
exchanged for equity (for example, BskyB shares (UK) or, at the option of News,
preferred News Corp shares).
AMP's POWERS Trust
Acted for Macquarie Equity Capital Markets as lead manager and underwriter of
AMP Henderson Global Investors' A$415 million IPO of hybrid securities
(Preferred to Ordinary with Exchange and Reset Securities or "POWERS") in the
POWERS Trust. The proceeds of the offer will be used by the POWERS Trust to fund
the acquisition of gas and electricity assets in Victoria and WA.
QBE
Acted for QBE Insurance Group Limited in connection with a US$172.5 million
offering of FELINE PRIDES into the US market. The FELINE PRIDES are mandatory
converting preference shares which convert into a fixed number of ordinary
shares in QBE, and pay a semi-annual fixed rate dividend. The FELINE PRIDES are
listed and are guaranteed by QBE.
Southern Cross FLIERS Trust
Advised the Southern Cross FLIERS Trust, and the joint lead managers and
underwriters, on the acquisition of Floating IPO Exchangeable Reset Securities
(FLIERS) and the subsequent A$600 million offer to institutional and retail
investors of units in the Trust. The units were structured so that a unitholder
had the same benefits as if they held the FLIERS directly.
Amcor
Advised on the A$400 million issue of ASX listed subordinated perpetual
resetting convertible notes (called PACRS) by the Amcor Group to underpin
Amcor's participation in the A$1.1 billion three-way merger of its European
flexible packaging business.
St.George
Acted for St.George on its issue of 3 million Preferred Resetting Yield
Marketable Equity Securities (PRYMES) to the value of A$300 million. The PRYMES
were offered in both Australia and New Zealand and fully underwritten by lead
manager CSFB.
Burns Philp
Advised on the Burns Philp group's innovative restructuring program,
including the issue of converting preference shares, notes buy-back and senior
debt refinancing.
Wide Bay Capricorn
Advised one of Queensland's largest
non-bank deposit taking institutions on its issue of resetting convertible
preference shares.
Hutchison Telecommunications
Acted for Hutchison Telecommunications in a renounceable rights issue of
convertible notes to raise A$600 million.
Coles Myer
Acted for joint lead managers and underwriters of the public offering in
Australia of A$700 million in Reset Convertible Preference Shares (ReCAPS)
issued by the retail giant.
Hong Kong
Advised the arranger on the issue and placement of convertible bonds by
Challenger International Limited.
