Fortescue Metals Group’s bond offerings

Fortescue Metals Group’s (FMG) US$2.04 billion senior unsecured note offering and the follow-on US$1.5 billion offering, was the first large scale unsecured high yield offering by an Australian corporate issuer and one of the biggest bond offerings in 2010.

The ability to raise capital allowed FMG to pursue its strategy and expansion plan.

FMG was one of the first Australian corporates to tap into the newly resurgent high yield and institutional markets in North America.

Corrs advised the joint lead managers and US counsel, providing detailed due diligence, advising on the transaction documents and the offering memorandum.

Melco Crown refinancing

Melco Crown Entertainment’s debut US$600 million senior subordinated high yield bond issue and US$1.75 billion senior loan facilities refinancing and amendment was completed at a time of increased sector challenge and growing volatility in global debt capital markets.

Corrs helped Melco Crown refinance the group's main assets, held through entities incorporated in Macau, Hong Kong, Cayman and the US.

Corrs has since advised the group on their debut RMB “dim sum” bond, the further refinancing of their senior secured facilities and are assisting with planned future US issuance and Asian bank facilities.

Vodafone Hutchison Australia $3 billion bank loan syndication 2010

Vodafone Hutchison Australia’s (VHA) self-arranged inaugural A$3 billion global syndication was one of the largest in the Australasian region in 2010.

It introduced a new investment grade telecommunications credit to the bank syndications market.

Uniquely, as an essentially privately owned investment grade credit with significant stakeholder sponsors, it required the Corrs team to consider and introduce “private equity” style flexibility in a number of key terms and conditions.

Corrs role involved the team advising not only VHA, but also its 50/50 owners, Hutchinson Telecoms of HK and Vodafone UK plc, on the debt raising.

Financial close was successfully achieved with an initial bank group of 13 Australian and International commercial banks.

Woodside’s syndicated loan facility refinancing

Corrs has advised Woodside extensively on its debt raising activities in the last two years. Most recently, Corrs advised Woodside on the successful refinancing of a US$1.1 billion syndicated loan facility, involving 34 international and domestic banks.

The substantial improvements in financial markets allowed Woodside to enter into an agreement for a successful refinancing, which was undertaken to manage Woodside’s debt maturity profile, deferring their US$1.1 billion maturity from 2012 to 2015.

The successful deal affirmed the strong appetite for Asian companies to invest in Australian blue-chip companies.

Woodside operates in an attractive sector for the Asian market and this transaction proves their strong position in the energy and resources sector.