Firms advise on $50m bonds offer

The company breaks new ground with its simple corporate bond offering

Firms advise on $50m bonds offer
Allens and King & Wood Mallesons have acted on Villa World Limited’s $50m Series A, Tranche 1 simple corporate bonds offering.

Allens advised Villa World while KWM acted for the arranger, ANZ Securities, as well as the joint lead managers ANZ, Evans and Partners, and Morgans Financial. 

In addition to the $50m offer for simple interest-paying corporate bonds, Villa World also completed a $20m fully underwritten share placement to institutional investors and will continue with a separate non-underwritten share purchase plan capped at $10m. The $20m placement was 2.3 times oversubscribed.

Villa World will become only the third Australian company to launch a simple corporate bond offering. The five-year bonds will have a floating interest rate that will be determined after the bookbuild, due to be completed on 29 March, the company said.

The Allens team was led by partners Julian Donnan and James Darcy, who were assisted by partners Stuart McCulloch and Karla Fraser; senior associates Addison Ma, Katrina Huang, and Jacinta Dyer; and lawyers Melanie Hayden and Jess O'Sullivan.

The KWM team was led by partners Shannon Finch and Jo Dodd, supported by senior associate Amanda Isouard and solicitor Anna Chen.

Ernst & Young advised on the accounting related aspects of the transaction and KMPG advised on the tax related aspects.

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