10 Nov 2015

Clayton Utz acts for JLMs on the first-of-its-kind simple corporate bonds offer by Australian Unity

Melbourne, 10 November 2015: Clayton Utz has acted on Australian Unity's offer of Series B Australian Unity Bonds to raise approximately $200 million, announced to the market yesterday. The offer represents the first in Australia under the simple corporate bonds regime introduced in 2014.

Corporate partner Brendan Groves led the firm's team which included senior associate Warrick Louey and lawyers Kate Allison and Craig McDermaid.

Clayton Utz acted for Evans and Partners and National Australia Bank as Joint Arrangers and Joint Lead Managers, and ANZ as Joint Lead Manager, to the offer.

Under the offer, Australian Unity is offering interest paying, unsubordinated and unsecured bonds with a face value of $100 each, which mature on 15 December 2020. The bonds are expected to be listed on the Australian Securities Exchange from mid December 2015.  

Australian Unity is a national healthcare, financial services and retirement living organisation providing services to around 850,000 customers, including 300,000 members nationwide.

Commenting on the transaction, Brendan Groves said: "We are very pleased to have been involved in Australian Unity's offer of simple corporate bonds, and to have worked alongside the Joint Lead Managers in bringing this transaction to market.

"It's pleasing to see this first offer of simple corporate bonds under the new legislative regime, which we believe provides issuers with a more streamlined and cost effective avenue to raising funds. We anticipate that the market may consider further offers under the simple corporate bonds regime, which allows issuers to diversify their funding options (as a supplement to traditional equity raisings and bank debt)".    

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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.