Herbert Smith Freehills has advised leading Australian energy infrastructure business APA Group on raising A$1.25 billion of senior unsecured debt and €500 million (A$824 million) in hybrid subordinated capital securities.
There was strong support for the syndicated facility from more than 30 financiers including leading Australian and Asian banks. The loan comprised of two tranches being a 7-year A$750 million tranche and a 10-year A$500 million tranche.
The €500 million in hybrid subordinated capital securities was also well supported by the European bond market including European, UK and Asian investors, with the notes intended to be listed on the Singapore Exchange.
The Herbert Smith Freehills team was led by partners John Angus and Patrick Lowden with assistance from solicitors Harriet Ashton-Maxwell, Jason Lu and Shikki Wang. Liam Dunstan, Group Counsel – Strategic Projects, HSEH & Approvals was the instructing solicitor from APA.
John Angus said, "We are delighted to support APA Group with another important debt raising."
Patrick Lowden said, “It was a pleasure to assist the APA Group with the successful pricing and structuring of the hybrid.”
These transactions are another example of Herbert Smith Freehills’ market-leading work in Australian energy infrastructure and capital markets.