IFLR 1000
The Guide to the World's Leading Financial Law Firms

In the first listed bond issue by a local authority in New Zealand, Simpson Grierson acted for Auckland City Council on a NZ$150 million ($101 million) retail issuance made under the new Securities Act exemption regime. The issuance completed on time in March 2009 and was oversubscribed.

Simpson Grierson is acting for A2 (a company that owns and commercialises intellectual property relating to A2 Milk and related products) on its July 2008 three-for-four pro-rata renounceable rights issue to existing New Zealand resident shareholders. The fully underwritten offer raised NZ$11.3 million including an oversubscription facility.

Simpson Grierson advised the borrower on a syndicated facility provided by three Australian and New Zealand trading banks to Fisher & Paykel Finance, successfully completed at the heat of the financial crisis, and before the New Zealand government guarantee scheme was introduced to support banks and finance companies.

The firm also assisted on the refinancing of Silver Fern Farms, formerly PPCS, advising Westpac New Zealand as the lender of a secured facility in August 2008. The refinancing was complicated by an anticipated equity capital injection from PGG Wrightson; although PGG ultimately failed to provide the capital, facility documents and negotiations needed to account for a possible injection.

Another deal that saw the firm advising Westpac New Zealand and Bank Of Scotland International Australia as the lenders of a NZ$120 million ($81 million) club facility provided to Vision Senior Living investments at the height of the downturn in October 2008.

Simpson Grierson is acting for Westpac on the financing for the development of the Jacks Point residential and resort township in Queenstown.

Simpson Grierson is appreciated by clients who find the firm "takes a commercial and practical approach, have broad expertise and depth in terms of personnel". One client singles out Michael Sage for M&A and commercial matters.

The firm represented Australian-owned Toll Group on the sale of the national rail business to the New Zealand government for approximately NZ$700 million ($473 million). The deal faced political as well as transactional hurdles, some of which involved cross-border issues touching on competition law and land transfer.

BG Group instructed the firm on New Zealand aspects of its lapsed bid for Origin Energy Australia on regulatory and Takeover Code issues as well as exemption applications relating to the upstream acquisition of Origin's more than 50% shareholding interest in Contact Energy. The deal would have amounted to A$13.8 billion ($8.08 billion).

Simpson Grierson also acted as New Zealand legal counsel to Japanese beverage company Kirin Holdings regarding its Australian Stock Exchange takeover offer for brewer Lion Nathan. An existing shareholder in its target, Kirin's bid covers the remaining 53.9% stock, which it has proposed to purchase by scheme of arrangement for an announced A$8.2 billion.

In one of the New Zealand finance sector's largest collapses, Pricewaterhousecoopers has instructed Simpson Grierson on the Lombard Finance & Investments receivership since April 2008. Lombard owes NZ$130 million ($87.9 million) to thousands of retail debenture holders.

The firm also advised ASB Bank in March 2009 on loan and securities restructuring for the Lake Terraces development in Taupo. Complicating factors including a partially completed hotel development with undercapitalised developers and sunset dates on pre-sale underwrite agreements.