Fortescue Metal Group’s US$2.04 billion high yield bond issue was awarded the ‘Corporate Bond Deal of the Year’ at the annual CFO DealBook Awards event on Friday 23 September. The CFO DealBook Awards recognise the achievements of the very best in Australian finance throughout the year.

The transaction involved a refinancing of Fortescue’s existing senior secured notes with a US$2.04 billion senior unsecured bridge loan facility and a US$2.04 billion senior unsecured note issue under Rule 144A of the US Securities Act 1993.

Corrs Chambers Westgarth advised joint lead managers J.P. Morgan and Royal Bank of Scotland on the transaction which was described by The Australian Financial Review’s DealBook as a “bold and well timed raising”.

The Corrs team was led by partner Brad Robinson and supported by partners Peter Jarosek, Stan Lewis and Craig Milner.

Corrs partner Brad Robinson said: “It was a pleasure to be involved in the transaction, which was the first post GFC offering by an Australian corporate into the resurgent US high yield market and a pathfinder for other non investment grade Australian mining companies.”


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