Linklaters advises on major Australian convertible note offerings and concurrent note buybacks

Press Contact

Aditi Raisurana
Asia Communications & Events Manager
+6566925819 aditi.raisurana@linklaters.com

Linklaters has advised the lead managers on the successful completion of two significant Australian equity linked transactions. Both transactions attracted very strong investor interest and were competitively priced during volatile market conditions.

• Australian biopharmaceutical company, Telix Pharmaceuticals Ltd (Telix), issued US$600m 1.50% guaranteed convertible notes due 2031 and undertook a concurrent repurchase of approximately A$637m of the A$650m 2.375% convertible notes due 2029. The offering was upsized from US$550m to US$600m following strong institutional investor demand.

The convertible notes were issued through a wholly-owned Delaware incorporated subsidiary and are convertible to ordinary shares of Telix which are listed on the Australian Securities Exchange. Telix’s American depositary shares (ADSs) are also listed on the Nasdaq Global Select Market.

• Australian diversified energy company, New Hope Corporation Ltd (New Hope), issued A$300m 2.625% senior convertible notes due 2032 and undertook a concurrent repurchase of A$293.3m of its existing senior unsecured convertible notes due 2029.

Both new issuances of convertible notes are listed on the Singapore Exchange (SGX-ST).

The concurrent repurchase exercises represented approximately 98% and 97.77% of the outstanding principal amount on issue for Telix and New Hope respectively. As a result, both Issuers were able to improve the pricing and extend the maturities on their convertible notes.

The cross-jurisdictional Linklaters team was led by Singapore managing partner Jonathan Horan, with support from counsel Christian Felton and Magdalena Biereder and managing associate Alwyn Loy.

Linklaters’ capital markets partner and Singapore managing partner Jonathan Horan commented:

“We are proud to have assisted Telix, New Hope and the respective managers on these successful convertible bond issues and buybacks. The transactions successfully priced and settled during volatile market conditions and continue a very strong start to the year for Asia equity-linked issuance.”