Allens has advised the Clean Energy Finance Corporation (CEFC) on a significant subordinated hybrid funding transaction. The landmark deal forms part of a blended CEFC finance package for Transgrid of up to $1.92 billion across concessional senior debt and subordinated hybrid notes.
The CEFC finance was critical to addressing the financeability challenges posed by large scale transmission projects and unlocked Trangrid's investment for the development of the HumeLink and VNI West energy infrastructure projects. The transaction further strengthens momentum in the Australian hybrid market.
'We are pleased to have advised on another market-leading subordinated hybrid deal, reinforcing our track record in this growing sector,' said partner James Darcy.
'Having advised on the majority of recent hybrid notes issuances, we are proud to be at the forefront of this market, delivering innovative structuring solutions that meet our clients' evolving needs.'
The transaction comes amid sustained demand for hybrid corporate bonds, from investors both in Australia and increasingly from Asia. Market feedback continues to indicate strong interest in these instruments, with this latest transaction further enhancing market depth and liquidity for well-structured deals.
Allens remains at the forefront of the hybrid bond market, having advised on a series of milestone transactions that have shaped this space, including advising on Pacific National's inaugural subordinated debt issuance, and on hybrid issuances by Ampol and Scentre.
