Top Australian firms this week have confirmed deals which saw them work alongside global peers on big-money deals.
Ashurst and Allens worked alongside American BigLaw Latham & Watkins in a milestone bonds issuance for a major Chinese state-owned enterprise. Hunan Valin Iron and Steel Group Co. Ltd., through a wholly-owned Singapore-incorporated subsidiary, issued US$355 million (about $472 million) in zero coupon bonds in a transaction that closed 15 November.
The bonds are exchangeable for about 65 million shares in Fortescue Metals Group Ltd., an iron ore producer listed on the Australian Securities Exchange. This deal is the first ever cross-border exchangeable bond issuance in Australia and the first equity-linked transaction to come out from Australia since 2013.
Meanwhile, Herbert Smith Freehills advised Beijing Gas Group on its first major investment in the Russian energy market through agreements with Russian state-owned company Rosneft. Highlighting the importance of the deal to both China and Russia, the transactions were signed on 7 November during a meeting between the prime ministers of Russia and China in St. Petersburg.
Also this week, Clifford Chance continued its strong track record in Additional Tier 1 issuances, acting for the underwriters of China Cinda Asset Management's issuance of US$3.2 billion in aggregate principal amount (about $4.25 billion) of 4.45% noncumulative perpetual offshore preference shares.
Other deals confirmed this week involves King & Wood Mallesons and Allens acting on the first acquisitions of a $3-billion Australian renewables fund, Thomson Geer helping an Australian biotechnology firm developing a possible anti-cancer drug raise capital, Ashurst advising in a major exploration and production firm acquisition and KWM acting for a private equity firm expanding its travel portfolio.
Click on the links below for more information on each deal:
Latham & Watkins, Ashurst and Allens advise in $472m issuance
HSF advises on milestone Beijing Gas Russian energy market investment
Clifford Chance advises $4.25b Additional Tier 1 issuances
KWM, Allens advise on first buys of $3b Australian renewables fund
Ashurst advises on $1.33b E&P acquisition
Thomson Geer acts on anticancer drug firm’s capital raising