Ampol Limited’s A$500 Million Hybrid Notes Offer

Herbert Smith Freehills has advised Ampol Limited on the deal. Allen & Overy advised the Joint Lead Managers.

Ampol Limited on its issue of A$500m subordinated floating rate notes that are convertible to ordinary shares in Ampol (if not redeemed at the first call date). The notes were issued to wholesale investors.
Ampol Limited (ASX:ALD) is an independent Australian company and one of the nation’s leaders in transport fuels.

Ampol’s hybrid is the first to be publicly issued in the Australian market by a corporate issuer this year. Issues of hybrid notes by Australian companies have been relatively rare in the past few years, although there was a flurry of issuances in the second half of last year. This is Ampol’s second hybrid issuance in the Australian wholesale market in 12 months: in December 2020 Ampol also issued A$500m subordinated notes convertible to ordinary shares in Ampol. 

The proceeds of the issuance will be used by Ampol for general corporate purposes, which may include funding its proposed acquisition of Z Energy. 
Barrenjoey Capital Advisory was structuring adviser to Ampol and Grant Samuel was financial adviser. The Joint Lead Managers on the issuance were Commonwealth Bank of Australia, National Australia Bank Limited, MUFG Securities Asia Limited and Royal Bank of Canada.

The Herbert Smith Freehills team was led by partner Patrick Lowden (Picture) and executive counsel Josie Essery, with assistance from solicitors Jason Lu and Matthew Bennett.


Involved fees earner: Josie Essery – Herbert Smith Freehills; Patrick Lowden – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Ampol;

Giulia Di Palma

Author: Giulia Di Palma