Public retail bond issue succeeds with Lane Neave’s help

by Sol Dolor 23 Oct 2019

Lane Neave has helped ensure that Metlifecare’s recent issue of secured fixed-rate bonds was a success.

The national firm advised Public Trust, which was appointed bond supervisor in the issue. New Zealand Permanent Trustees, a wholly owned subsidiary of Public Trust, was the security trustee for the Metlifecare banking syndicate and bondholders, the firm said.

The Lane Neave team was headed by banking and finance partner Evelyn Jones. The team also included senior solicitor Jacob Nutt.

Metlifecare, one of the largest retirement village operators and developers in the country, issued $100m of secured fixed-rate bonds, which was $25m more than its minimum target. Lane Neave said that the company will use proceeds to pay down debt and provide diversity of funding and tenor.

Metlifecare was advised by Chapman Tripp. The firm also advised the company on its ASX listing in 2013 and the sale of a 19% stake by Infratil for $238m in 2017.