CML provides a trading update, Fortescue issues a repayment notice and Newcrest signs agreements to extend the term of its unsecured bilateral bank lending facilities
Three new DirectBonds
Bank of Queensland Ltd 3MBBSW+3.40% AUD subordinated Tier 2 bond
Bank of Queensland Ltd (BOQ) is a regional retail bank based in Brisbane, Australia. As of 30 February 2016, BOQ was the eighth largest bank in Australia in terms of total deposits ($36bn, with a market share of 2.1%), and the ninth largest in terms of both total assets ($49.8bn or 1.4%) and total loans ($42.6bn or 1.6%). Although the bank is based in Queensland, it has branches in every Australian state and territory.
On 10 May, BOQ launched a new Basel III subordinated bond with a first call in 2021 and final maturity in 2026. It is a floating rate note with a coupon of 3 month BBSW + 3.4% per annum. The bond is only available to wholesale investors. For more information please see the Factsheet.
BlueScope Steel Finance 6.50% 15 May 2021 senior unsecured bond
BlueScope is a an Australian based flat steel producer for the domestic Australian, New Zealand and US export markets, and is a leading international supplier of steel products and solutions. They are principally focused on the global building and construction industry. It was separated from BHP in 2001 on BHP's merger with mining house Billiton plc, and listed on the Australian Stock Exchange in 2002. As at 5 May 2016 the company had a market capitalisation of $3.6bn.
Over the past five years, the company has undergone significant restructuring activities, including closing half its manufacturing capacity in Australia, which have helped the division return to profitability.
The new USD bond was issued on 5 May 2016 and matures on 15 May 2021. It is a fixed rate bond with a coupon of 6.5% per annum. The bond is only available to wholesale investors. For more information please see the Factsheet.
Sydney Airport Finance Company Pty Ltd USD 3.625% 28 April 2026 senior secured bond
Sydney Airport Finance Company Pty Limited (SAFC) is a wholly owned financing subsidiary of Sydney Airport Corporation (SACL). SACL is the lessee and operator of Sydney’s Kingsford Smith Airport (KSA), Australia’s largest airport, under a long term lease granted by the Commonwealth Government. KSA underpins the strongest business risk profile of any of the Australian airports as a result of its diverse and reliable cash flows, resilient passenger numbers, quality management and shareholder support.
This is a USD denominated fixed rate bond paying a 3.625% per annum coupon available to wholesale investors only.
For more information please see the Factsheet.
CML
CML Group (CML) has provided a trading update and earnings guidance for the full year ending 30 June 2016, based on unaudited management accounts for the nine months ended 31 March 2016.
More information is available here.
Fortescue
Fortescue Metals Group (FMG) issued a repayment notice for a senior secured term loan due in 2019. The term loan will be repaid using cash on its balance sheet.
More information is available here.
Newcrest
Newcrest announced it had signed agreements to extend the term of its unsecured bilateral bank lending facilities on improved terms and conditions.
More information is available here.