Baker & McKenzie Advises TFS Corporation on High Yield Bond Offer
Deal Announcement
24 June 2011
Sydney, Australia, 24 June 2011 – Baker & McKenzie has advised Australian sandalwood plantation company TFS Corporation Ltd (ASX: TFC) on its USD150 million offer of 11% Senior Secured Notes due 2018 and Warrants to purchase 55,500,000 ordinary shares. The bonds have been listed on the Singapore Exchange.
TFS is one of the world's largest vertically integrated managers and owners of Indian Sandalwood plantations. Indian sandalwood oil is an important ingredient in fine fragrances, cosmetics, toiletries, incense sticks and has medicinal purposes (aromatherapy and Chinese medicine). The wood is used for high-quality carvings, as well as for cultural and religious purposes in India.
Sydney-based US Corporate Partner Andrew Reilly led the transaction.
Speaking about the transaction, Andrew said, "This transaction represents the fifth high yield bond offer by an Australian company that our Sydney-based US capital markets team has worked on and the first high yield bond offer by an Australian company outside the resources sector in 10 years. This transaction also demonstrates our one-stop shop capability, seamlessly providing US and Australian law advice to clients. In addition to this transaction, Baker & McKenzie has recently advised several Asian companies on high yield bond offers in the international capital markets as they seek to secure long term debt and diversify their sources of funding."