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

Last year Bell Gully boosted its finance practice by promoting Rachel Paris to partner. One of the firm’s biggest cases last year saw it acting for Fisher & Paykel Appliances over a NZ$80 million (US$57 million) syndicated interim facility and a NZ$580 million senior debt refinancing. Another substantial deal saw the team acting for the lenders, including BNZ, ANZ and Commonwealth Bank of Australia, in negotiations over negative pledge arrangements for Ravensdown Fertiliser Co-operative’s NZ$550 million syndicated debt facilities.

Another significant client is the Perpetual Trust who the team advised over a bond issue for Genesis Power as part of its inaugural NZ$225 million public offer.

In the capital markets the firm was kept busy advising the Fletcher Building on the NZ$407 million underwritten institutional placement component of a NZ$505 million equity raising. Another highlight was the team’s work for First NZ Capital Securities (FNZCS) as the sole underwriters for plastics manufacturer Nuplex Industries’ capital raising plan.

One of Chapman Tripp’s most significant mandates last year saw them advising on the Crown’s wholesale-funding guarantee to banks and financial institutions with substantial lending and borrowing businesses in New Zealand. The deal included a Rule 144A US$1 billion MTN issue by ANZ and a NZ$180 million (US$122 million) and NZ$120 million issues of registered transferable deposits by BNZ.

Another highlight saw the firm advising Maui Capital Indigo Fund on its formation as the first limited partnership under new legislation. The deal included advising over the draft legislation by studying other regimes from round the world.

The firm also represented Citi and a number of international agency banks as the lenders on a project financing for Digicel which involved acquiring and establishing mobile networks.

On the capital markets side the team also advised the Hanover Group on a NZ$554 million restructuring of its public debt security issues consisting of secured deposits and stock and subordinated notes and bonds. Additionally the team advised Pohutukawa Private Equity II on its NZ$82.5 million IPO.

One of the Russell McVeagh’s biggest deals last year saw it working for a bank syndicate on Cheung Kong Infrastructure’s NZ$400 million financing for the purchase of Vector’s Wellington electricity network.

Financing highlights included advising ABN Amro as the arranger of the financing for the Istanbul Aquarium and acting for BNZ and Westpac as the lead arrangers of the NZ$255 million financing of the Britomart precinct in Auckland. Westpac also called on the firm to act on the financing of the construction of a new cool store facility and an existing dry store facility for a corporate client.

In the capital markets area a clear highlight was the team’s advice to the World Bank and Westpac as issuer and arranger respectively of the first ever retail kauri bond issue in New Zealand valued at NZ$100 million. The team also acted for Genesis Energy’s debut offer of listed retail debt securities.

A final highlight saw Russell McVeagh acting for SkyCity Entertainment Group over its underwritten placement of shares and its follow-on offer under a share purchase plan.

Buddle Findlay was kept busy last year advising on matters in a number of sectors including project finance where the firm advised the New Zealand Export Credit Office on a buyer credit facility for ABN Amro to finance an aquarium in Turkey. The firm also advised the lenders, BNZ, ANZ and Commercial Bank of Australia, to the developers of a new Telecom House in Wellington.

Acquisition finance highlights include acting for Westpac and GE Capital as the lenders in the purchase of MYOB. The team also advised Infratil on the refinancing of a NZ$140 million redeemable preference share facility.

On the capital markets side the team advised the lead arrangers and organising participants, BNZ Capital and ANZ, on a NZ$800 million issue of unsecured unsubordinated fixed rate bonds for Fonterra. Additionally the team acted for the Perpetual Trust over a NZ$6.5 billion residential mortgage-backed securities issue by BNZ to be used as repo-eligible securities.

Last year Mayne Wetherell worked on a number of key mandates including acting for the senior financers ANZ, BNZ and Westpac over the proposed acquisition by PGG Wrightson of a 50% stake in Silver Fern Farms and the subsequent refinancing of existing arrangements. The team also acted for ANZ over the financing for Ingham Enterprises and various companies in the Inghams Group.

The firm advised senior and junior financers over amendments to existing financing for the PBL Media Group. The team also acted for Archer Capital on its acquisition of the Australian incorporated MYOB.

On the capital markets side the team advised Fonterra on the largest debt issue to date, a NZ$800 million retail offer of fixed rate bonds.

A highlight of Simpson Grierson’s finance practice last year saw the team advise the borrower of a syndicated facility provided by three Australian and New Zealand banks to Fisher & Paykel Finance.

One of the firm’s major clients is Westpac New Zealand who the firm advised as the lender of a secured facility on the refinancing of Silver Fern Farms. Westpac also called on the firm to advise it and Bank of Scotland as the lenders of a NZ$120 million club facility provided to Vision Senior Living investments. A final highlight saw the firm advice Westpac on the financing of the Jacks Point residential and resort township in Queenstown.

On the capital markets side the team acted for Auckland City Council on a NZ$150 million retail issuance, the first bond issue by a local authority in New Zealand. Another highlight was the firm’s work for A2 on a three-for-four pro-rata renounceable rights issue to New Zealand resident shareholders. The offer raised NZ$11.3 million.

A highlight for Kensington Swan saw them advise Eureka Funds Management on negotiating facilities for its NZ$61.5 million acquisition of the Crowne Plaza Hotel. The team also advised BOS International over the restructuring of financial covenants under the senior facility agreement to Geneva Finance.

The biggest mandate for Minter Ellison Rudd Watts last year saw them acting for Commonwealth Bank of Australia, Westpac, ANZ and National Australia Bank on the A$1.15 billion syndicated facilities for the ABC Learning Centres Group. The team also advised Westpac and HSBC on a NZ$100 million syndicated revolving multi-currency facility agreement for Fisher & Paykel Appliances.