Baker McKenzie advised National Australia Bank Limited (NAB) as Sole Lead Manager and as Initial Subscriber on the issue of A$41,200,000, 7% fixed rate secured notes, due 2022, by Kooragang Island Tank Terminals. 

Baker McKenzie lead partner on the deal, Duncan McGrath, said: "The deal -- undertaken by a private company in a part of the market typically accessed by ASX-listed issuers -- clearly demonstrates the increasing depth and sophistication of the market.

"We were delighted to act for our client, NAB, as Sole Lead Manager and Initial Subscriber on the issue of these notes."

Kooragang Island Tank Terminals owns and operates a bulk liquid fuel storage terminal at the Port of Newcastle, within the Kooragang Island, Walsh Point precinct. "Kooragang" is an Aboriginal word meaning 'place where birds gather (or place of many birds)'.

Duncan was assisted by Baker McKenzie lawyer Andrew Slucky and graduate Daniella Lambert.

Duncan recently led a Baker McKenzie team which advised NAB and Westpac as Joint Lead Managers on ME Bank’s A$200m Perpetual Capital Additional Tier 1 Notes. The transaction was the first ever Basel III truly perpetual hybrid transaction in the Australian market (as the notes do not contain any mandatory conversion provisions), the first Tier 1 hybrid for an unlisted entity in the Australian market and only the third issue of Additional Tier 1 capital notes sold solely to wholesale investors in the Australian market.