Public retail bond issue succeeds with Lane Neave’s help

The issue was heavily subscribed and raised $100m

Public retail bond issue succeeds with Lane Neave’s help

Lane Neave has helped ensure that Metlifecare’s recent issue of secured fixed-rate bonds was a success.

The national firm advised Public Trust, which was appointed bond supervisor in the issue. New Zealand Permanent Trustees, a wholly owned subsidiary of Public Trust, was the security trustee for the Metlifecare banking syndicate and bondholders, the firm said.

The Lane Neave team was headed by banking and finance partner Evelyn Jones. The team also included senior solicitor Jacob Nutt.

Metlifecare, one of the largest retirement village operators and developers in the country, issued $100m of secured fixed-rate bonds, which was $25m more than its minimum target. Lane Neave said that the company will use proceeds to pay down debt and provide diversity of funding and tenor.

Metlifecare was advised by Chapman Tripp. The firm also advised the company on its ASX listing in 2013 and the sale of a 19% stake by Infratil for $238m in 2017.

Recent articles & video

US law firm avoids immediate sanctions over fake claims in Visa and Mastercard settlement

Report reveals law firms in San Francisco and Los Angeles move out of downtown areas

New ‘Good Governance’ Code introduced in the UK to ensure lawful and effective council operations

How secure document storage solutions can protect your law firm

Pearce IP litigation head on how NZ legislation is handling new tech

Select Committee accepts NZLS recos for gangs amendment bill

Most Read Articles

The most influential members of NZ’s legal profession for 2024 revealed

Lane Neave welcomes additions to senior ranks

High Court reduces sentences in animal neglect case against horse owner

Two make partner at Malley & Co