Hogan Lovells has acted for JP Morgan Securities, BNP Paribas, Merrill Lynch, Australia and New Zealand Banking Group, Mizuho International and Westpac Banking Corporation on the issuance of EUR500 million guaranteed subordinated hybrid notes by Australian company APA Infrastructure.
The hybrid notes, with a maturity of 60 years, are redeemable at par from the first call date in 2029 and subsequent interest payment dates. The coupon rate is set at 7.125% per annum with provisions for interest rate resets and step-ups.
Singapore debt capital markets partner Andy Ferris and counsel Leon Yap led the Hogan Lovells team, with support from associates Felicia Chen and Audrey Koh, to facilitate this substantial offshore bond issuance. Ferris said: “We are proud to have had the opportunity to support this high-quality group of banks on APA’s hybrid issue, representing one of the most significant offshore bond issuances by an Australian issuer this year.”
