King & Wood Mallesons (KWM) has acted for Flight Centre in relation to its issuance of A$400 million unsecured notes which are convertible into Flight Centre ordinary shares.
Proceeds from the offering will primarily be used to further strengthen Flight Centre's liquidity position in addition to repaying A$100 million in existing debt.
The KWM team acting on the transaction was led by Partners Paul Schroder, Philip Harvey and Dale Rayner and included Senior Associate John Arthur and Solicitors Georgia Feltis, Stephanie Rigg, Hayley Johnson and Wendy Yuan. KWM Partner Tim Sherman and Senior Associate Sylvester Urban also advised Flight Centre on the tax implications of the offer.
Commenting on the transaction, Paul Schroder said: "We are delighted to have once again worked with Flight Centre on this convertible notes offering as they look to improved conditions for travel with easing restrictions, particularly in Australia, while also ensuring they remain prepared for almost all scenarios including a prolonged downturn."
KWM advised Flight Centre on its previous A$700 million equity capital raising in April which comprised of a $282 million institutional placement and a $419 million pro rata non-renounceable entitlement offer.