Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Allens Arthur Robinson is an undisputed leader in banking and finance. As a fixture in these markets, this firm has been picking up roles on several of this year’s most high profile deals. Though the team retains a number of competent and capable individuals ... [more]

Allens Arthur Robinson is an undisputed leader in banking and finance. As a fixture in these markets, this firm has been picking up roles on several of this year’s most high profile deals. Though the team retains a number of competent and capable individuals handling a great deal of work volume, the firm did mourn the retirement of senior leading attorney Mark Wormell. The names Philip Cornwell, Andrew Jinks, Alex Ding, Tim Lester and Catherine Parr attract accolades from clients and competitors time and again.

One of the firm’s highlights was the representation of Wesfarmers on its May 2008 A$2.5 billion (US$2 billion) capital raising, and the subsequent A$2.8 billion capital raising in January 2009.These deals made Australian history as the second-largest secondary equity raising in the country, and 2008’s largest. In another landmark transaction, Allens’ team acted for CSL on its A$1.74 billion (US$1.5 billion) equity placement in August 2008 to fund its purchase of Talecris from Cerberus Partners and Ampersand Ventures.

In March 2009, Allens assisted Macquarie Capital Advisors and Goldman Sachs JBWere as joint underwriters of an A$515 million (US$442 million) institutional placement by Lihir Gold. The firm took a lead role in advising the Australian government on its urgent establishment of an SPV, which provided liquidity to car dealer financiers from January 1 2009 following GE Money Motor Solutions and GMAC Financial Services’ dramatic exit from the market. Australia’s four leading banks financed the SPV structure with government-guaranteed subordinated debt.

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Freehills retains broadly top-tier capabilities across banking and finance markets despite the loss of leading lawyer John Schembri to Gilbert + Tobin last year. And clients are still hard-pressed to find better counsel on asset and structured finance, ... [more]

Freehills retains broadly top-tier capabilities across banking and finance markets despite the loss of leading lawyer John Schembri to Gilbert + Tobin last year. And clients are still hard-pressed to find better counsel on asset and structured finance, securitisation and equity capital markets work.

The firm played a key role on many capital raisings during the Australian equity rush. These included assisting Commonwealth Bank of Australia to place A$2 billion (US$1.6 billion) of shares to finance its acquisition of Bankwest, and representing Singapore sovereign investment arm GIC Real Estate in raising A$1.8 billion for its cornerstone investment in GPT Group.

And banking clients including lenders and borrowers kept Freehills sitting front and centre on the year’s fewer big-ticket transactions. For example, the firm advised ANZ, BNP Paribas and NAB on a jointly arranged and underwritten A$10 billion facility to finance Wesfarmers’ Coles Group takeover.

In an unusually large debt finance acquisition for the illiquid markets of late 2008, Freehills represented Incitec Pivot’s arrangers of A$2.4 billion (US$1.9 billion) facilities. These were used in purchasing Dyno Nobel, and the firm later assisted the arrangers again to partially refinance the deal.

Even busier on project financing matters of late, the firm most noticeably acted on the government side of a pioneering supported debt model PPP for South East Queensland Schools.

Leaders within the practice include Philippa Stone, Tessa Hoser, Brendan Quinn and Patrick St John.

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Mallesons Stephen Jaques has been at the forefront of innovative equity capital raising structures and has been responsible for bringing a number of the year’s biggest and trickiest deals to market.The firm acted on the issuers’ side in a string of private ... [more]

Mallesons Stephen Jaques has been at the forefront of innovative equity capital raising structures and has been responsible for bringing a number of the year’s biggest and trickiest deals to market.

The firm acted on the issuers’ side in a string of private placements, which included assisting Westfield Group to place A$2.9 billion (US$2.3 billion) in ordinary stapled securities in February and a A$3 billion equity capital raising by NAB in November 2009. Greg Hammond and Ian Paterson teamed up to act for the Australian banks throughout the government-run guarantee scheme for large deposits and wholesale funding. They advised on its application to banks’ debt programmes and represented cornerstone financiers ANZ, NAB, Commonwealth Bank and Westpac in the Australian government’s guaranteed auto dealer floor plan initiative. This was created to alleviate funding pressure in the dealer financing industry.

Mallesons also acted as sole legal counsel on a recent initiative by the Australian government and big four banks. This involved creating a funding vehicle designed to support commercial property refinancing deals that are at risk of withdrawal from one member of a banking syndicate. The firm has been well positioned to act on much of the large-scale, complex refinancing work being undertaken. This is due to its experience on putting together the original financing documentation, and assisting numerous high-profile clients such as PBL Media Group, Incitec Pivot, and Champ Private Equity.

Jeff Clark, Peter Doyle, Ken Astridge, Greg Hammond, Ian Paterson and Stuart Fuller have carved out leading reputations within the practice.

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Blake Dawson continues to attract high-profile work in the banking and finance sector. Martin Coleman leads the group that serves more big name clients by the year. Coca-Cola Amatil turned to the firm in 2008 for financing work on several corporate facilities ... [more]

Blake Dawson continues to attract high-profile work in the banking and finance sector. Martin Coleman leads the group that serves more big name clients by the year. Coca-Cola Amatil turned to the firm in 2008 for financing work on several corporate facilities around the region, and Bluescope Steel has instructed Blake Dawson on corporate treasury work throughout the past year.

The firm has remained a strong force in equity capital markets where many clients say the firm performs best. Recently, the firm earned an appointment to the Australian Securities and Investments Commission’s national legal services panel. The firm has a strong underwriters’ practice, recently advising Merrill Lynch on a A$1.74 billion (US$1.5 billion) equity placement by CSL, and Wesfarmers on a A$2.5 billion capital raising arrangement.

On the issuers’ side, the team advised BlueScope Steel on a capital restructure in May 2009, which included an accelerated non-renounceable entitlement offer of up to A$1.41 billion. The firm has also acted on multi-million dollar deals for ANZ, National Australia Bank, Bank of Scotland (Ireland), and Natixis. Blake Dawson is lead adviser to a consortium of 16 coal producers, including BHP Billiton, Rio Tinto Coal Australia, Vale (Brazil) and Xstrata Coal, on the project financing for the Wiggins Island coal export terminal in Gladstone. The A$5 billion (US$4 billion) project is Australia’s largest greenfield project of 2008/2009, and Blake Dawson is advising on all aspects of the financing and construction of the terminal.

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Clayton Utz has been active in debt capital markets this year, holding its tier two position despite a slightly smaller team at partner level. It is still seen by the market as one of the leading securitisation practices in Australia. Highlights for ... [more]

Clayton Utz has been active in debt capital markets this year, holding its tier two position despite a slightly smaller team at partner level. It is still seen by the market as one of the leading securitisation practices in Australia. Highlights for the firm included acting on the restructuring of Allco’s securitisation exposures, and assisting many clients in their participation on six government-funded securitisations on both the sponsor and arranger sides.

In addition this year, the firm assisted the mandated lead arrangers, underwriters and bookrunners on a A$250 million (US$200 million) senior secured facility in relation to the acquisition of MYOB by Archer Capital and Harbourvest Partners.

Clayton Utz’s project finance team stood out for its excellence in the PPP arena. As usual, it nabbed the government role on several of the most coveted infrastructure projects. For example, the Aquasure consortium on its bid to design, build and operate a 150GL desalination plant in Queensland. Other work included reviewing the tender and related project documents for the New South Wales health department on its A$950 million public tender for the Royal North Shore Hospital redevelopment. In addition, the Queensland government appointed the firm to advise on the Airport Link PPP, which is a A$3.2 billion northern busway and airport roundabout upgrade project.

Grant Fuzi, Graeme Gurney, Jason Huinink, Stuart Byrne, Michael Riches, Doug Jones, Greg James, Louise McCoach and Angela Flannery are some of the strongest players on the team.

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Minter Ellison has kept up a strong pace on equity capital market deals, including working on one of the rare IPOs that made it to market in the second half of 2008. One highlight saw the team assist Mirvac Group with a A$500 million equity (US$400 million) ... [more]

Minter Ellison has kept up a strong pace on equity capital market deals, including working on one of the rare IPOs that made it to market in the second half of 2008. One highlight saw the team assist Mirvac Group with a A$500 million equity (US$400 million) fundraising in November 2008. This comprised a A$72 million institutional placement and a A$428 million accelerated non-renounceable entitlement offer, and exploited the Corporations Act’s low-documentation provisions.

In another noteworthy role, Minters advised on a A$625 million IPO in August for Ivanhoe Australia. This constituted a landmark value for Australian mining exploration companies, and was one of the few IPOs to come to market in late 2008. While Minters has the ability to act as both lenders’ and borrowers’ counsel, market commentators note that its bank-side work is its particular strength. After assisting the mezzanine syndicate on PBL Media’s leveraged buyout of Ticketek and Acer Arena in 2007, the firm was mandated by Goldman Sachs JBWere on the complex December 2008 debt restructuring to recapitalise the troubled media company.

Minters also acted for an RBS and ABN Amro-led syndicate in February 2009 to restructure A$2.32 billion of facilities granted to Primary Health Care for its acquisition of Symbion Health in 2008. The firm also had a strong year in project financing, acting on two successful PPP (public-private partnership) bids and pioneering alternative financing structures.

Paul Paxton, Fred Tinsley, Jeremy Blackshaw, Bart Oude-Vrielink and Theo Kindynis come highly recommended.

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Lavan LegalEstablished over a century ago, Lavan Legal provides a comprehensive range of financial and corporate services. The team is formed by 19 partners and 71 associates who cover core areas of law including banking, finance, M&A, IP, insolvency ... [more]

Lavan Legal

Established over a century ago, Lavan Legal provides a comprehensive range of financial and corporate services. The team is formed by 19 partners and 71 associates who cover core areas of law including banking, finance, M&A, IP, insolvency and restructuring, compliance, dispute resolution, commercial litigation and competition. Particularly its litigation group is one of the largest in the country. On the finance side, the firm has a solid track of experience acting for lenders and borrowers on various project financings and loan syndications. Corporate and M&A work spans advice on commercial transactions, sales, mergers, acquisitions, joint ventures, takeovers, tax and duties.

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