Firm duo advises on Sydney Airport refinancing
King & Wood Mallesons and Allens have advised on the Sydney Airport $1.5 billion bank debt refinancing.
KWM was led by partner Yuen-Yee Cho who received support from senior associate Angel Quek.
The Allens team was led by partner Renee Boundy who was supported by senior associate Diana Ding.
The facilities were self-arranged by Sydney Airport and raised over a very tight timeframe, with Sydney Airport taking advantage of favourable market conditions to achieve more competitively priced debt.
The KWM and Allens teams have been working together on Sydney Airport financing transactions since its privatisation in 2002.
Herbert Smith Freehills completes capital notes offer
Herbert Smith Freehills have advised the joint lead managers on Westpac’s $725 million Capital Notes 2 offer.
The HSF team was led by partner Philippa Stone and executive counsel, Lauren Magraith.
HSF acted for the arranger, Westpac Institutional Bank, and for the six joint lead managers, being Deutsche Bank, Sydney Branch, Goldman Sachs, NAB, ANZ Securities and the Commonwealth Bank.
The Notes are being offered at an issue price of $100 each and are expected to be quoted on the ASX.
HSF also recently acted on a $2 billion offer from the Commonwealth Bank which was the first fully Basel III compliant offering by an Australian bank.
Basel III compliant offers are intended to strengthen bank capital requirements by increasing bank liquidity and decreasing bank leverage.
International firm in on resources deal
Clifford Chance has advised Norilsk Nickel Australia on the sale of its North-Eastern Goldfields Operations.Partner Justin Harris led the Clifford Chance team advising Norilsk Nickel, assisted by corporate counsel Sean Houthuysen and environmental law counsel Robyn Glindemann.
"Despite the number of mining assets currently available for sale, we are seeing continued interest in these assets, particularly from domestically focused players," Harris said.The goldfields operations which include the Thunderbox and Bannockburn gold projects located in Western Australia were sold to Saracen Mineral Holdings.Norilsk will receive an upfront cash payment of $20 million on settlement, a deferred cash payment of $3 million and a 1.5% royalty on all minerals capped at $17 million.Norilsk Nickel Australia is a part of the Norilsk Nickel group, the world's largest nickel and palladium producer and one of the largest producers of platinum and copper
Clayton Utz advises on mine sale
Clayton Utz has represented the Melbourne headquartered resources company MMG Limited on the sale of its Avebury nickel mine located on the West Coast of Tasmania, Australia.
Last month MMG entered into an agreement with Perth based QCG Resources for the sale of the mine for a $40 million and the sale is expected to complete within the next six months.
Corporate partner Jonathan Li led the Clayton Utz team on the transaction, which included environmental and planning partner Damien Gardiner and senior associate Elissa Tobin.
Firms secure Virgin leaseback
Clayton Utz and Herbert Smith Freehills have acted on a deal which saw Virgin Australia sell and lease back its Brisbane headquarters to the property fund manager Charter Hall.
Herbert Smith Freehills advised Virgin Australia, and Charter Hall was advised by Clayton Utz.
The HSF team was led by partner Luke Simpson who was assisted by senior associate Adrian Rich.
As part of the leaseback arrangements, Virgin Australia will continue to occupy the property in accordance with the lease terms.
‘Growth opportunity’ coaxes Bakers boss into renewing term
Baker & McKenzie’s managing partner Chris Freeland has confirmed that his term as head of the firm’s Australian practice
will be renewed until 2017, following a decision by the firm’s management committee.
Freeland told NZ Lawyer
sister publication, Australasian Lawyer
, that he was happy to stay on as managing partner because he sees opportunities in the Australian legal market that other firms are not spotting, making the position an “exciting place to be”.