DLA Piper advises Washington H. Soul Pattinson and Company on its AUD225 million convertible notes offering

Global law firm DLA Piper has advised Washington H. Soul Pattinson and Company Limited (WHSP) (ASX: SOL) on its AUD225 million convertible notes offering.

About AUD200 million of the offer’s proceeds was used to pay down existing debt to lower WHSP's average cost of debt and to increase its debt maturity profile, with the remainder to be used to strengthen its liquidity position. The unsecured senior convertible notes are due 2026 and were listed on the Official List of the Singapore Exchange Securities Trading Limited. UBS AG, Australia Branch acted as sole bookrunner and lead manager to the offering.

DLA Piper’s multi-jurisdictional and cross-practice team was led by Australian Corporate partner David Ryan and Singapore based Corporate partner Philip Lee, with support from Finance partner Onno Bakker, Tax partner Eddie Ahn, special counsel Kelly Morrison, senior associate Elliott Cheung, associate Mei Sum Chan and paralegal Katherine Keene.

David Ryan said: “We are delighted to have advised our long-standing client on its convertible notes offering, a funding source that is becoming more common in Australia. This is another example of DLA Piper’s growing track record in successfully executing complex multi-jurisdictional capital raising transactions, often within tight windows.”

The deal comes on the back of DLA Piper advising ASX-listed Webjet Limited on its EUR100 million convertible notes offering in 2020.

WHSP is Australia’s second oldest listed company and oldest listed investment house. It has a significant investment portfolio spanning a range of industries, including its traditional field of pharmaceuticals as well as property, building products, mining, equities, telecommunications and financial services.