Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Neuberger Berman Australia Pty Ltd and Equity Trustees Limited on NB Global Corporate Income Trust’s raising of more than A$476 million.
This raising involved a non-renounceable pro rata entitlement offer of new units in the ASX-listed NB Global Corporate Income Trust to existing unitholders, plus an additional shortfall offer to other retail and institutional investors in Australia and New Zealand.
The offer was strongly supported and closed over-subscribed on 27 June 2019.
The secondary raising follows on from Corrs’ role as advisers on the A$414 million initial public offer and ASX listing in 2018.
The NB Global Corporate Income Trust provides Australian investors with the opportunity to diversify their investments by investing in a portfolio of high-yield corporate bonds issued by companies located globally (including the likes of Netflix, Hertz and Accor Hotels).
Corrs lead Partner on the matter, Fadi C. Khoury said, “Neuberger Berman is an 80-year-old global manager with over A$455 billion under management. With the market capitalisation of the NB Global Corporate Income Trust to grow to approximately A$890 million on 12 July 2019, it will become the largest ASX-listed investment trust managed by a global investment manager.”