Corporate Finance

Banking & Finance

Banking & Finance » Corporate Finance

The Australian corporate finance market has seen a rush for cash from offshore sources, heightening interest in funding options beyond traditional AUD local bank debt financing. Corrs works with banking and corporate clients to tap offshore loan and debt capital markets -- for example the US and European high yield and term loan B, and Asian syndication markets.

The Corrs corporate finance team is well-equipped to meet the demands of a changing corporate finance landscape with a relentless commitment, depth of experience in international markets and the hands-on resources to get the job done.

Our Experts

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Brad Husband

Partner Location Melbourne Profile
Brad Robinson.jpg

Brad Robinson

Partner Location Melbourne Profile
Clare Corke.jpg

Clare Corke

Partner Location Brisbane Profile
KING Jeremy website grey TH

Jeremy King

Partner Location Melbourne Profile
John Walter.jpg

John Walter

Partner Location Melbourne Profile
Mellos Kon CMYK 90x130

Kon Mellos

Partner Location Melbourne Profile
RUSSELL Megan website grey TH

Megan Russell

Special Counsel Location Sydney Profile
OGRADY Patrick CMYK 90x130

Patrick O’Grady

Partner Location Sydney Profile
ANDERSON Peter website grey fake SIZED TH

Peter Anderson

Special Counsel Location Brisbane Profile
Phillip Wilson.jpg

Philip Wilson

Consultant Location Perth Profile
REID Simon website grey SIZED Thumbnail

Simon Reid

Partner Location Sydney Profile
MILLS Vaughan SF

Vaughan Mills

Partner Location Brisbane Port Moresby Profile

Our Experience

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.

More

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.

More

Renewable energy in WA

The Water Corporation recently invested in two significant renewable energy projects in Western Australia: the Mumbida Wind Farm and Greenough River Solar Farm, Australia’s first utility-scale solar farm.

The historic deal saw the Water Corporation purchase the entire output of both projects, which will offset the energy requirements from the Corporation’s Southern Seawater Desalination Plant south of Perth. 

The projects illustrate WA’s open and progressive approach to renewable power projects. Corrs advised on the purchase agreements.

More

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, Hutchison 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.

More

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.

More

Our Thinking

Doing Business in Australia

Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.

More Download

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

More

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

More

Contracting with a Chinese counterparty? Answers to your top three concerns

Transacting with Chinese counterparties has never been more common, but there are some recurring issues that often concern clients.

More

Will ASIC’s proposed powers survive? The Government’s FSI response risks death by consultation

The Government’s plan to give ASIC new enforcement tools is highly ambitious.

More

Taking cross border security in Asia: Seven steps to success

How to structure a security package that is compliant with different systems of law.

More

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

More

FSI panel recognises the potential of impact investment

The Financial Services Inquiry panel has thrown its support behind the fledgling impact investment industry in Australia.

More

When “insolvency remoteness” is closer than you think

Limited recourse provisions to protect borrowers and financiers against insolvency risks may be weaker due to a recent court case.

More

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

More

Structured receivables financing: Your path to cheaper credit?

Companies with healthy accounts receivables now have a new option for cheaper finance.

More

Late payment fees - The latest target for class actions - Are you at risk?

Earlier this month the Federal Court gave a boost to several class actions against banks.

More

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

More

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

More

Andrews v ANZ - One year on and still no certainty

Andrews has broadened the potential reach of the penalty doctrine and raised many difficult issues for businesses.

More

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

More

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

More

Rating agencies on notice after Court finds S&P liable for investor losses

In a world first, Standard & Poor’s is being held liable for investors’ losses. So what happens now?

More

Changes to the JORC Code - A new world order in resources reporting?

From December 2013, listed resources stocks must change their reporting of exploration results, minerals and ore reserves.

More

HIH offers yet another lesson for investors - This time on the dangers of convertible notes

Holders of HIH (NZ) convertible notes have little hope of recovering any of their investment. But it didn’t have to end this way…

More

Joffe decision clarifies insider trading laws

A recent court decision on insider trading has important consequences for financial markets participants in Australia.

More

High yield bonds / term loan B facilities - Are they a realistic option for Australian sub investment grade borrowers?

More Australian companies than ever are issuing bonds to raise debt funding, but why are some companies locked out of the market?

More

Andrews v ANZ - Do all contracts need to be rethought?

The true impact of August’s High Court decision in Andrews v ANZ is yet to be unleashed.

More

Social benefit bonds: Make a difference and a profit

Can a program to reduce the number of children in foster care ever be an appealing investment proposition for the private sector? The NSW government thinks so.

More

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

More

Crossing the river by feeling stones - China's internationalisation of the RMB

The currency swap agreement between Australia and China is a positive step forward in our relationship with our largest trading partner. But it’s about more than that…

More

Is it time for Australia to rethink its approach to financial restructurings?

As a result of the willingness of local lenders to sell debt in the secondary market there has been increased participation from off-shore lenders keen to utilise foreign restructuring techniques in Australia. How should local lenders respond?

More

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

More

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

More

Our Experience

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.

Renewable energy in WA

The Water Corporation recently invested in two significant renewable energy projects in Western Australia: the Mumbida Wind Farm and Greenough River Solar Farm, Australia’s first utility-scale solar farm.

The historic deal saw the Water Corporation purchase the entire output of both projects, which will offset the energy requirements from the Corporation’s Southern Seawater Desalination Plant south of Perth. 

The projects illustrate WA’s open and progressive approach to renewable power projects. Corrs advised on the purchase agreements.

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, Hutchison 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.

Our Thinking

Doing Business in Australia

Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

Contracting with a Chinese counterparty? Answers to your top three concerns

Transacting with Chinese counterparties has never been more common, but there are some recurring issues that often concern clients.

Will ASIC’s proposed powers survive? The Government’s FSI response risks death by consultation

The Government’s plan to give ASIC new enforcement tools is highly ambitious.

Taking cross border security in Asia: Seven steps to success

How to structure a security package that is compliant with different systems of law.

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

FSI panel recognises the potential of impact investment

The Financial Services Inquiry panel has thrown its support behind the fledgling impact investment industry in Australia.

When “insolvency remoteness” is closer than you think

Limited recourse provisions to protect borrowers and financiers against insolvency risks may be weaker due to a recent court case.

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

Structured receivables financing: Your path to cheaper credit?

Companies with healthy accounts receivables now have a new option for cheaper finance.

Late payment fees - The latest target for class actions - Are you at risk?

Earlier this month the Federal Court gave a boost to several class actions against banks.

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

Andrews v ANZ - One year on and still no certainty

Andrews has broadened the potential reach of the penalty doctrine and raised many difficult issues for businesses.

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

Rating agencies on notice after Court finds S&P liable for investor losses

In a world first, Standard & Poor’s is being held liable for investors’ losses. So what happens now?

Changes to the JORC Code - A new world order in resources reporting?

From December 2013, listed resources stocks must change their reporting of exploration results, minerals and ore reserves.

HIH offers yet another lesson for investors - This time on the dangers of convertible notes

Holders of HIH (NZ) convertible notes have little hope of recovering any of their investment. But it didn’t have to end this way…

Joffe decision clarifies insider trading laws

A recent court decision on insider trading has important consequences for financial markets participants in Australia.

High yield bonds / term loan B facilities - Are they a realistic option for Australian sub investment grade borrowers?

More Australian companies than ever are issuing bonds to raise debt funding, but why are some companies locked out of the market?

Andrews v ANZ - Do all contracts need to be rethought?

The true impact of August’s High Court decision in Andrews v ANZ is yet to be unleashed.

Social benefit bonds: Make a difference and a profit

Can a program to reduce the number of children in foster care ever be an appealing investment proposition for the private sector? The NSW government thinks so.

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

Crossing the river by feeling stones - China's internationalisation of the RMB

The currency swap agreement between Australia and China is a positive step forward in our relationship with our largest trading partner. But it’s about more than that…

Is it time for Australia to rethink its approach to financial restructurings?

As a result of the willingness of local lenders to sell debt in the secondary market there has been increased participation from off-shore lenders keen to utilise foreign restructuring techniques in Australia. How should local lenders respond?

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

Our Experts

Brad Husband.jpg

Brad Husband

Partner Melbourne +61 3 9672 3492
Brad Robinson.jpg

Brad Robinson

Partner Melbourne +61 3 9672 3550
Clare Corke.jpg

Clare Corke

Partner Brisbane +61 7 3228 9318
KING Jeremy website grey TH

Jeremy King

Partner Melbourne +61 3 9672 3431
John Walter.jpg

John Walter

Partner Melbourne +61 3 9672 3501
Mellos Kon CMYK 90x130

Kon Mellos

Partner Melbourne +61 3 9672 3174
RUSSELL Megan website grey TH

Megan Russell

Special Counsel Sydney +61 2 9210 6477
OGRADY Patrick CMYK 90x130

Patrick O’Grady

Partner Sydney +61 2 9210 6100
ANDERSON Peter website grey fake SIZED TH

Peter Anderson

Special Counsel Brisbane +61 7 3228 9450
Phillip Wilson.jpg

Philip Wilson

Consultant Perth +61 8 9460 1663
REID Simon website grey SIZED Thumbnail

Simon Reid

Partner Sydney +61 2 9210 6668
MILLS Vaughan SF

Vaughan Mills

Partner Brisbane +61 7 3228 9875