Tabcorp offer of unsecured, subordinated notes – A$200 million

Firm: Allens Arthur Robinson
Lead Lawyers: Robert Simkiss, Robert Pick, Jason Morris, Larry Magid
Client: Tabcorp

Firm: Mallesons Stephen Jaques
Lead Lawyers: David Friedlander, Philip Harvey
Client: UBS AG, Australia Branch, Macquarie Capital (Australia) Limited and Westpac Institutional Bank

• Tabcorp has made an offer of unsecured, subordinated notes, announced Tuesday, February 14 in an effort to capitalise on appetite from investors for fixed income. The structure is similar to that proposed by Woolworths in late 2011 and the Tabcorp notes have a 25-year maturity, with a call date in 2017
• Allens Arthur Robinson has acted for Tabcorp in various past transactions; including its 2009 offering of corporate bonds in 2009, deemed the first major retail offering of corporate bonds in close to two decades at the time, and demerger of its Casinos business and its A$430 million accelerated renounceable entitlement offer, announced in October 2010
• Mallesons Stephen Jacques also advised the joint lead managers in the Woolworths hybrid notes offer, announced in October 2011