06 Jun 2012

Clayton Utz advises Tatts Group on $200m issue of Tatts Bonds

Melbourne 6 June 2012: Clayton Utz has advised ASX-listed lotteries, waging and gaming company Tatts Group Limited on its Offer of seven-year senior unsecured bonds ("Tatts Bonds") to raise $200 million, with the ability to raise more or less, which opened today.

Clayton Utz capital markets partners Stuart Byrne and Brendan Groves led the Clayton Utz team, which included senior associate Richard Knott, lawyer Warrick Louey, partner Louise McCoach and senior associate Alex Chernishev.

Under the Offer, Tatts is offering seven-year senior unsecured bonds at $100 each, with the bonds expected to be listed on the Australian Securities Exchange from early July.

Commenting on the deal, partner Stuart Byrne said: "We are very pleased to have worked alongside Tatts management and its advisory team in bringing the Tatts Bonds to market. It is the first vanilla bond issue in Australia to utilise the single offer document option under the recently established vanilla bonds regime. With this Offer, Tatts has brought together a household name with the advantages of the vanilla bond structure. We expect that the market will be hoping that there are furthers offers to come in this space."

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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.