Allen & Overy advises Scentre Group on its USD3 billion subordinated hybrid note issuance
02 October 2020
Allen & Overy’s international capital markets group advised Scentre Group on its inaugural USD3 billion (AUD4.1 billion) subordinated hybrid note issuance, comprising USD1.5 billion of 60-year, non-call 6-year notes with a coupon of 4.75% and USD1.5 billion of 60-year, non-call 10-year notes with a coupon of 5.125%.
The notes were structured to receive 50% equity credit from all three major rating agencies and to be excluded from debt and interest calculations under Scentre’s bank and senior bond covenants.
International capital markets partner Mark Leemen led the A&O team, which also included partner Stephen Miller and senior associate Minesh Patel advising on English law, and senior associate Matthew Lim advising on US law. The team also included associates Thomas Pertsoulis and Edward Ren.
The transaction caps a busy period for the A&O Sydney international capital markets group, including advising on Scentre’s USD1.5 billion notes in May, Boral’s USD200 million USPP, Macquarie Bank’s USD750 million and AUD750 million Tier 2 subordinated notes, Commonwealth Bank of Australia’s AUD1.4 billion 10NC5 subordinated FRN, Transurban’s USD900 million notes, Perenti Group’s USD450 million high-yield bond and SGSP (Australia) Assets’ AUD350 million notes.
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