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  • NAB increases hybrid notes offer | Business Spectator
    energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB increases hybrid notes offer Amanda Saunders 11 Nov 2013 12 09 PM DataRoom Debt Capital Markets Sources say bank to cap second issue this year at 1 billion You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password National Australia Bank is increasing its planned 500 million hybrid offer to 750 million and will cap the issue at 1 billion sources close to the transaction said The deal was set to be launched today but it is understood to have been pushed back until tomorrow at the earliest NAB s move its second hybrid offer this year is part of a push to shore up tier one capital before Basel III is rolled out The seven year non callable convertible securities will be priced at 325 basis points over the bank bill rate After the deal was revealed by DataRoom last week NAB issued a short statement to the ASX saying it would offer a new additional tier one hybrid capital security NAB provided little detail but said the new security would have similar terms to the hybrid offer it put out earlier this year In February the bank raised 1 4 billion via a tier one retail offer of convertible preference shares increased from an initial offer of 750 million Under the new Basel banking rules these hybrid securities are considered tier one bank capital Australia s big four banks all need to boost their tier one capital levels to meet the requirements of Basel III which rolls out its first phase in 2015 and requires lenders to set more capital aside as a buffer against another financial crisis NAB s planned hybrid is the

    Original URL path: http://www.businessspectator.com.au/news/2013/11/11/nab-increases-hybrid-notes-offer (2014-01-12)
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  • Fortescue uses Credit Suisse to re-price $US4.95 billion term loan | Business Spectator
    Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Fortescue uses Credit Suisse to re price US4 95 billion term loan Brett Cole 11 Nov 2013 9 58 AM DataRoom Debt Capital Markets Deal cuts Fortescue s interest payments by US50 million a year You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Fortescue Metals Group Ltd has re priced its US4 95 billion term loan in a deal led by Credit Suisse Group AG saving Australia s third biggest iron ore producer US50 million a year in interest payments Fortescue will pay interest at 3 25 percentage points more than the London interbank offered rate with a 1 per cent floor on Libor This is a 1 per cent decrease in the spread compared to the original deal done just over 12 months ago Despite the fall in iron ore prices from US149 a tonne to US87 a tonne in 2012 Fortescue was extremely confident in the long term future of the iron ore industry and its ability to deliver on its major expansion plans This confidence combined with the flexibility of their US term loan B has enabled it to significantly reduce the cost of this debt The Fortescue deal reinforces the reputation of Credit Suisse in leverage finance Down Under Credit Suisse has dominated US term loan and high yield issuance in Australia for more than a decade through the leadership of Matthew Tehan Paul Allan and Michael Tierney Since 2012 the firm has led about US10 billion in term loans and about US5 8 billion in high yield issuance by Australian companies Historical low interest rates have resulted in debt capital market activity underpinning the bottom line of many bulge bracket investment banks as merger and acquisition and equity capital markets deals have been sparse until very recently Tehan Allan and Tierney have all worked at Credit Suisse for much of their careers in various financing roles including stints on Wall Street at the firm s New York office In 2000 Credit Suisse financed some of the first leverage buyouts in Australia including Amatek Affinity Health and Repco In February 2003 the firm did a landmark deal Down Under the 2 4 billion refinancing of the combined Burns Philp Goodman Fielder entity with a combination of Australian bank debt US term loan market US high yield market and NZ retail note market Since the collapse of Lehman Brothers Holdings Inc in September 2008 international bank regulations and regulatory changes require investment banks to hold more equity and liquid assets That has shifted debt underwriting to capital markets teams such as those at Credit Suisse In

    Original URL path: http://www.businessspectator.com.au/article/2013/11/11/debt-capital-markets/fortescue-uses-credit-suisse-re-price-us495-billion-term (2014-01-12)
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  • NAB to launch $500m hybrid | Business Spectator
    economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB to launch 500m hybrid Amanda Saunders 6 Nov 2013 12 30 PM DataRoom Equity Capital Markets Debt Capital Markets Industries Financial Services National Australia Bank is close to launching a hybrid issue to shore up its capital ratios ahead of Basel III You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password National Australia Bank is planning to launch a 500 million hybrid offer in a push to shore up tier one capital before Basel III is rolled out sources close to the transaction said It is understood the deal which NAB is open to upsizing is set to be launched on Monday The seven year non callable convertible securities will be priced at 325 basis points over the bank bill rate Under the new Basel banking rules these hybrid securities are considered tier one bank capital NAB will run the book The move is the cheapest way to raise tier one capital to get in line with APRA and Basel III rules which will enforce higher capital ratios Heading overseas for funds is also an option but if NAB had opted for that avenue it would have cost one to two per cent more A spokeswoman for NAB declined to comment Australia s Big Four banks all need to boost their tier one capital levels to meet Basel III which rolls out its first phase in 2015 and requires lenders to set more capital aside as a buffer against another financial crisis The hybrid offer would be NAB s second this year In February the bank raised 1 4 billion via a tier one retail offer of convertible preference shares increased from an initial offer of 750 million Also in February Westpac more than doubled an offer of hybrid securities to 1 25 billion due to high demand from retail investors

    Original URL path: http://www.businessspectator.com.au/article/2013/11/6/dataroom/nab-launch-500m-hybrid (2014-01-12)
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  • AMP launches capital raising | Business Spectator
    power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu AMP launches capital raising 6 Nov 2013 9 11 AM DataRoom Debt Capital Markets Industries Financial Services Markets ASX Financial services group looking to raise 200m through new ASX listed securities You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By a staff reporter with AAP AMP Ltd is looking to raise 200 million in capital through a new offer of ASX listed subordinated unsecured debt securities just weeks after flagging a profit downgrade In a statement to the Australian Securities Exchange the financial services and insurance firm said the AMP Subordinated Notes 2 AMP Notes 2 would be used primarily to fund Tier 2 capital throughout the group and for general corporate funding and capital management purposes The securities will be available to eligible AMP Notes holders via a reinvestment offer as well as to security holders institutional investors clients of syndicate brokers and other satisfactory members of the public the group said AMP plans to open the offer on November 13 with the offer closing on December 9 and the securities to begin trading on December 19 AMP is looking to raise 200 million through the issue of AMP Notes 2 with the ability to raise a higher or lower amount the group said The funds raised will optimise the efficiency of AMP s balance sheet while increasing the company s flexibility to meet general funding requirements and support the refinancing of subordinated debt of AMP group AMP chief financial officer Colin Storrie said This includes the AMP subordinated notes issued in 2009 known as AMP Notes The new securities are being issued less than a fortnight after AMP announced that troubles with its wealth protection

    Original URL path: http://www.businessspectator.com.au/news/2013/11/6/financial-services/amp-launches-capital-raising (2014-01-12)
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  • Billabong offloads Canadian chain | Business Spectator
    market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Billabong offloads Canadian chain 4 Nov 2013 10 47 AM DataRoom Debt Capital Markets Industries Retail YM Inc to buy West 49 from surfwear retailer new debt funding deal takes effect You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By a staff reporter Billabong International Ltd will sell its Canadian retail chain West 49 and has initiated a previously announced funding agreement to repay its debts to the Altamont Capital Partners consortium In a statement to the Australian Securities Exchange the struggling surfwear retailer said it had entered into an agreement with leading fashion retailer YM Inc to offload its 92 West 49 stores for approximately CAD9 million to CAD11 million A9 1 million to A11 2 million The agreement includes an approximately CAD34 million non exclusive wholesale supply agreement under which Billabong will keep its six Billabong and two Element stores in Canada The sale of West 49 is part of our broader strategy of simplifying our business and focusing on the core of what we do best which is building strong global brands said Billabong chief executive officer Neil Fiske The supply agreement we ve entered into ensures our products will continue to have a strong presence for consumers in that market Billabong also said it had received a US300 million 222 4 million tranche of its six year secured term loan of US360 million from Centerbridge Partners and Oaktree Capital Management The group said the tranche would fully repay its bridge loan facility from the Altamont Capital Partners consortium which was entered into on July 16 2013 including accrued interest and fees Billabong continues to work with GE Capital to provide an asset based multi currency revolving credit facility of up to US100 million the group said This has been reduced from up to US140 million in part due to the sale of West 49 The group also said its had received in principle approval from the Australian Securities and Investments Commission ASIC to hold its 2013 annual general meeting on Tuesday December 10 2013 after the November 30 deadline required for the AGM by the Corporations Act The general business of the AGM together with the resolutions requested

    Original URL path: http://www.businessspectator.com.au/news/2013/11/4/debt-capital-markets/billabong-offloads-canadian-chain (2014-01-12)
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  • Infrastructure, super funds eye Royal North Shore | Business Spectator
    Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Infrastructure super funds eye Royal North Shore Amanda Saunders 1 Nov 2013 2 50 PM DataRoom Mergers Acquisitions Debt Capital Markets Industries Health and Pharmaceuticals Infrastructure Parties running the ruler over Sydney s Royal North Shore hospital will need to have an interest in managing the business You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password The big question mark hanging over the potential sale of Sydney s Royal North Shore hospital is operational risk which could narrow the field of bidders as Royal Bank of Scotland mulls offloading the public private partnership from its bad bank portfolio The highly leveraged nature of the asset in which RBS holds a debt stake of about 1 billion and 300 million in equity and swaps opens up the field to smaller PPP players Infrastructure hungry industry and superannuation funds will no doubt be assembling teams to comb the asset Goldman Sachs has been appointed to assess the sale and refinancing options It is understood that a sale is RBS preference but a formal sales process would be unlikely to kick off until after Christmas Royal North Shore is best suited to specialist PPP investors and funds AMP and IFM have typically been most interested in the bidding and construction phases of PPPs rather than the operational side of managing the day to day running of such an asset That said IFM will no doubt look closely at RBS latest offering given its purchase of debt in the Victorian Comprehensive Cancer Council and Royal Adelaide Hospital PPPs Despite having little history of social PPP investing Aussie Super would also likely look at it Only a handful of players are both specialists in social PPP deals and likely to buy in to an asset at the operational stage Such narrow criteria could see bids concentrated among the likes of listed UK houses InfraRed Capital Partners the fund manager spun out of HSBC and UK fund manager John Laing which focuses on infrastructure and real estate New Zealand based infrastructure investor Morrison Co and Canadian pension fund manager CDPQ may also take a look RBS might ask the NSW government for a series of contract changes to make the asset more attractive The NSW government is understood to have engaged Lazard for general advice on a potential sale RBS is understood to have bought the asset under

    Original URL path: http://www.businessspectator.com.au/article/2013/11/1/dataroom/infrastructure-super-funds-eye-royal-north-shore (2014-01-12)
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  • I-Med to refinance $249.9m of debt | Business Spectator
    political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu I Med to refinance 249 9m of debt Brett Cole 1 Nov 2013 12 54 PM DataRoom Debt Capital Markets Industries Health and Pharmaceuticals The medical imaging company says a group of banks will refinance debt that is held by its private equity owners You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password I MED Network Radiology Ltd Australia s largest private medical imaging company with 220 doctors will on Monday refinance 249 9 million of senior debt that currently sits with its private equity owners to a group of banks Australia and New Zealand Banking Group Ltd Commonwealth Bank of Australia Ltd and Morgan Stanley are the lead arrangers and underwriters of the refinance Each bank has received credit approvals to underwrite 83 3 million of I Med s debt The pricing and tenor of the refinancing will be finalised on Monday Refinancing our existing debt sets I MED up for future growth and will allow us to make investments in both new and upgraded equipment as well as grow our clinic footprint I MED chief executive Steven Rubic told DataRoom The banks were encouraged by an improvement in I Med s finances following a turnaround and restructuring after the company s distressed sale in 2011 I MED s revenue in the 12 months to June 30 this year was 514 million a 4 9 per cent increase from the previous year Earnings before interest tax depreciation and amortization EBITDA in 2013 was 80 million a 37 per cent increase The company s net debt is less than 2 5 times EBITDA and it forecasts 5 per cent revenue growth in its 2014 financial year I MED s owners include ADM Capital Allegro Funds Ltd Anchorage Capital Group Och Ziff Capital Management Group LLC and Octavian Advisors LP Print this page More from Brett

    Original URL path: http://www.businessspectator.com.au/article/2013/11/1/dataroom/i-med-refinance-2499m-debt (2014-01-12)
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  • Mirabela debt holders may overlook missed payment | Business Spectator
    Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Mirabela debt holders may overlook missed payment Brett Cole 31 Oct 2013 5 33 PM DataRoom Debt Capital Markets Industries Resources and Energy The holders of the nickel miner s debt may take no action against the company after it missed an interest payment while bankers consider a debt for equity swap asset sale You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Investors in Mirabela Nickel Ltd s US395 million of notes are likely to grant the miner a standstill taking no action against the company after it missed an October 15 coupon payment The noteholders advised by Cleary Gottlieb Steen Hamilton LLP and Gilbert Tobin are currently in discussions with Mirabela and hope that Rothschild an investment bank with mining expertise can propose a solution by Christmas Rothschild s bankers in Brazil the US and Australia are assessing whether they can keep Mirabela s nickel mine open after a major customer of the company said it will close its smelter next month The bankers are also considering a potential debt for equity swap and a sale of Mirabela s assets Perth based Mirabela missed a mid October coupon payment on the notes which carry a 8 75 per cent coupon and are due 2018 The missed payment has seen the indicative value of the notes fall to between US0 25 and US0 30 compared to par If Mirabela fails to make a payment of interest on the notes within 30 days following October 15 the company will be potentially in default The office of Ian Purdy Mirabela s chief executive says he will not comment on negotiations with the company s noteholders Print this page More from Brett

    Original URL path: http://www.businessspectator.com.au/article/2013/10/31/resources-and-energy/mirabela-debt-holders-may-overlook-missed-payment (2014-01-12)
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