Leading transport fuel supplier Ampol Limited has been successful in the issue of $500 million subordinated floating-rate notes.

Firm: Herbert Smith Freehills (Ampol Limited)

Deal: Herbert Smith Freehills (HSF) has assisted Ampol Limited on its issue of $500 million subordinated floating-rate notes that are convertible to ordinary shares in Ampol. The notes were issued to wholesale investors.

Value: $500 million.

Key players: The HSF team was led by partner Patrick Lowden and executive counsel Josie Essery, with assistance from solicitors Jason Lu and Matthew Bennett.

Deal significance: 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 this year, HSF said.

The proceeds will be used by Ampol for general corporate purposes, which may include funding its proposed acquisition of Z Energy. HSF is also acting for Ampol as Australian counsel in relation to the acquisition, led by partner Tony Damian.

Mr Lowden said: “We were very pleased to be able to support Ampol on this important transaction, and to see the strong support it received in the domestic market. The significant level of market support for Ampol’s hybrid is a good indication of the continued maturation of Australian debt capital markets.”