Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Port of Newcastle on the establishment of its A$1 billion Secured Debt Issuance Programme and inaugural issuance of A$300 million 6.100% Guaranteed Senior Secured Notes due 18 July 2033 (Notes).
The Port of Newcastle is one of the largest seaports in Australia. Corrs advised Port of Newcastle Investments (Financing) Pty Limited (as issuer of the Notes), as well as a number of entities within the Port of Newcastle group who gave secured guarantees for the issuer’s obligations under the Notes. Citigroup Global Markets Australia Pty Limited, Commonwealth Bank of Australia and National Australia Bank Limited acted as Joint Lead Managers for the issuance. This was Port of Newcastle’s inaugural issuance in the domestic bond market. The issuance was heavily oversubscribed.
Led by partners Jo Dodd and James Abbott, Corrs advised Port of Newcastle on all aspects of the transaction with support from a range of experts across the firm.
Commenting on the matter, lead partner Jo Dodd said: “We are thrilled to advise Port of Newcastle on its debut issuance of bonds in the domestic corporate bond market. It is a strong endorsement of its credit profile and future prospects.
“The transaction opens up a new source of funding for Port of Newcastle and enhances Corrs’ reputation as a top-tier, trusted adviser on debt capital markets transactions in the corporate and infrastructure space.”