King & Wood Mallesons has acted as Australian counsel for the Joint Lead Arrangers, Bank of America Merrill Lynch, HSBC, Mitsubishi UFJ Securities and Wells Fargo Securities, in relation to Transfield Services’ successful issuance of US$325 million 8.375% Senior Notes due 2020.
The bond issuance formed part of a broader debt restructuring undertaken by Transfield Services, with KWM Partner Yuen-Yee Cho acting for a syndicate of banks on the restructure of the company’s syndicated bank facilities of approximately AU$400 million.
KWM’s High Yield Bond team was led by Partner Richard Hayes, Senior Associate Lynton Hogan and Associate Duncan McKay.
“We are delighted to have been involved in this strategic refinancing for Transfield Services, and to support our clients on this significant transaction,” said Richard Hayes. “The US High Yield space is becoming increasingly important for Australian corporates who are looking to tap alternative sources of funding with liquidity and tenor. We were delighted to have had an opportunity to leverage our deep expertise in the international capital markets in what was a very successful transaction for the company.”
The Transfield Services’ issuance follows a successful series of international capital market issuances led by the firm, and is off the back of KWM being awarded, for the seventh consecutive year, “Law Firm of the Year” by KangaNews for its market-leading Australian Debt Capital Markets practice.
