Air NZ in top capital markets transaction
Major roles in $2.2b recapitalisation plan were spread among NZ’s top legal firms
Air New Zealand’s $2.2 billion recapitalisation plan was the biggest capital markets transaction in recent months with the key roles spread across NZ’s top-tier law firms.
The national carrier turned to regular adviser Bell Gully for the bookbuild which closed on May 4.
Bell Gully won’t say who worked on the deal but Dealwatch is informed most of the firm would have had a part to play, with James Gibson being one of the key partners.
Gibson himself has acted for the national carrier for decades.
Chapman Tripp advised the Government with Wellington-based partners Mark Reese and Josh Blackmore, supported by Auckland’s Roger Wallis. MinterEllisonRuddWatts is believed to have acted in a smaller role for the Ministry of Transport.
Russell McVeagh had a spot on the transaction, acting for lead underwriters and joint managers Forsyth Barr, Citigroup and UBS New Zealand, with a team led by David Raudkivi.
In another major transport transaction, Minter’s partner Mark Forman acted for vendors Next Capital alongside partner Steve Gallaugher for the sale of NZ Bus to Kinetic.
Forman has considerable expertise in the sector, having acted on the sale of Go Bus to Kinetic back in 2020. The Minter’s partner acted for Ngāi Tahu Holdings Corporation and Tainui Group Holdings on that deal.
GreenMount Advisory took a role in the NZ Bus transaction, with Bruce Bernacchi leading tax due diligence.
Kinetic was advised by Chapman Tripp’s John Strowger.
Vodafone has enlisted Bell Gully for the sale of its wireless phone towers, a deal rumoured to be in the hands of the firm’s former chair Anna Buchly and Gibson.
The telco is a longtime client of Bell Gully, which acted for Vodafone Plc when the NZ unit was sold to Infratil and Brookfield Asset Management.
Precinct Properties turned to regular adviser and CT partner Wallis for its strategic partnership with Singaporean sovereign wealth fund GIC.
The deal includes GIC buying 75.1 per cent of an initial portfolio of assets from Precinct. Matthew Caroll, Cathryn Barber and Graeme Olding also acted on the transaction. Bell Gully’s Haydn Wong acted for the sovereign wealth fund.
Vital Healthcare went to the market for another $200m, with Bell Gully’s Toby Sharpe acting on the raise and Jane Holland advising on property aspects.
The underwriters, Craigs Investment Partners and Forsyth Barr, were advised by Russell McVeagh’s Dan Jones.
Agriculture deals made headlines in April, with NZ King Salmon turning to regular adviser CT for its $60.1m rights issue. Partner Rachel Dunne led the team for the deal. The rising star had advised the company and Direct Capital when the fish farmer duallisted back in back in 2016.
CT also took a role for Sanford this month when it sold its spiny rock lobster quota for $49.3m.
Blue Sky Meats was advised by Harmos Horton Lusk on the takeover from Southern Lamb Investments. HHL’s Nathanael Starrenburg led a team on the deal, the first under the Takeovers Code for 2022.
Buddle Findlay took a role when Norske Skog sold its pellets company Nature’s Flame to Talley’s Group for $47.8m. Partners Peter Owles and Tony Wilkinson led on the deal that was finalised at the end of February.
HHL acted for Talley’s Group subsidiary Open Country Dairy in the Nature’s Flame deal, with a team led by Starrenburg.