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21 Oct 2011

Clayton Utz acts on succession of capital raisings

Sydney, 21 October 2011: Clayton Utz's national Capital Markets team continues to be at the forefront of significant market activity, having acted on four separate raisings that have launched this month.

The raisings on which Clayton Utz has had advisory roles include:

  • Woolworths Limited's A$500 million offer of subordinated notes, announced to the market on 18 October (advising Woolworths as issuer; lead partner, national Equity Capital Markets practice head Stuart Byrne, with partners Louise McCoach and Andrew Jinks and senior associates Richard Knott, Patricia Paton and Alex Chernishev);
  • Super Retail Group's A$334 million PAITREO entitlement offer announced on 17 October (acting for Macquarie and RBS as underwriters; lead partner Stuart Byrne with partners Geoff Hoffman and Kirsten Fish and senior associates Stratos Karousos and Patricia Paton);
  • Origin Energy Limited's US$500 million issue of 144A senior unsecured notes, priced on 14 October (advising Origin as issuer; lead partners Stuart Byrne and Louise McCoach with senior associate Alex Chernishev);
  • Coffey International Limited's A$40 million entitlement, the retail component of which launched on 13 October (advising Coffey as issuer; lead partners Stuart Byrne and John Elliott, with senior associate Patricia Paton).

Stuart said the transactions reflected the diversity of work currently in the market, including local and foreign raisings, raisings to pay down debt, and raisings for acquisitions or capital management.

"While choppy markets certainly affect prices and put pressure on issuers to get the timing right – right down to the day even with a decent lead from the US the night before – there has been more activity this quarter than we were expecting," said Stuart.

Clayton Utz continues to grow its national capital markets team, with Estoban Gomez returning to the firm as a senior associate in Brisbane after two years practising in-house, and Elissa Tobin, a dual US and Australian law qualified senior associate, joining the Melbourne team led by partner Brendan Groves.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.