Fixed-rate funding secured amid volatile global backdrop
Mallesons has advised New Hope Corporation Limited (NHC) on the issuance of $300m in senior convertible notes due 2032.
The notes are listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The firm also guided NHC on the concurrent repurchase of $293.3m of the company’s existing senior convertible notes due 2029.
Both the new notes offer and the repurchase settled on 22 April. The transaction marks the third time Mallesons has advised NHC on an SGX-ST-listed convertible notes issuance.
Co-lead partner Karim Issa said the deal was a positive result for NHC given current market conditions.
“The offer and the concurrent repurchase extends NHC’s debt maturity profile, while allowing the company to continue to benefit from low-cost fixed rate funding”, Issa said. “It is a great outcome for the company, particularly in light of the broader ongoing geopolitical and market volatility”.
The Mallesons team was led by Issa and fellow partner Paul Schroder in Australia, with capital markets partner Andy Ferris providing cross-border coverage between Singapore and Australia. Solicitors Sarah Jones, Mark The, and Bella Kidman, along with graduate Max Green, supported the transaction in Australia, while associate Jinni Yeo assisted from Singapore.
