Hogan Lovells advises Flight Centre on its AUD400m convertible note offering

Singapore, 3 December – A cross-border team at Hogan Lovells has advised Flight Centre Travel Group (FLT) on its recent inaugural convertible bond offering in the international debt capital markets. Hogan Lovells acted as English law counsel and the Singapore listing agent on the transaction.

FLT is an ASX-listed global travel and tourism group with operations in 23 countries globally. FLT's principal activities consist of travel retailing in both the leisure and corporate travel segments and in-destination travel experience businesses including tour operations and hotel management.

The English-law governed bonds were offered in Reg S format to institutional investors, and are convertible into ordinary shares of FLT at the option of bondholders. The proceeds of the AUD400m offering will be used towards repayment of FLT's existing indebtedness and to strengthen FLT's liquidity position in the face of headwinds arising from the current COVID-19 pandemic and related domestic and international travel restrictions.

The Hogan Lovells team that advised FLT was led by Singapore debt capital markets partner Andy Ferris and senior associate Daniel Mok. The team also included Andrew Carey, Raj Panasar and Gaspare Chirillo in London who provided UK and EU regulatory support.

"We are grateful for the opportunity to assist the Flight Centre team on this important transaction", said Andy Ferris. "Convertible bond structures offer particular benefits to issuers and investors alike in times of market dislocation and we enjoyed collaborating with the transaction parties to execute this offering".

About the Hogan Lovells DCM practice in Singapore

Our dedicated debt capital markets (DCM) practice consists of a team of experienced legal specialists with a deep understanding of the Asia Pacific DCM markets.

The team has vast experience in advising issuers, underwriters, and corporate service providers on complex, market-leading debt deals.

In partnership with our offices in Australia, Hong Kong, Jakarta, and across our broader network in Asia and beyond, we advise our clients on the full life-cycle of DCM transactions, including in the areas of new issuance, liability management, distress and default, restructuring and insolvency, and corporate trust advisory. Clients trust us and have confidence in our dedication to solving problems effectively and efficiently.

In the area of new issuances, our practice covers the full range of domestic and international straight debt and structured bond transactions, including standalone issuances, debt programmes, equity-linked securities, bespoke private placements, and sustainable and impact financing. Our clients include major financial institutions and corporates looking to obtain funding from the capital markets and the underwriters and service providers facilitating those debt raisings.

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