John Powell

Partner

Practice Area:

Specialisations:

He has worked on a broad scope of insolvency and debt restructuring mandates for banks, trustees and debtors. He also maintains a significant practice advising banks, arrangers and debtors on corporate finance and debt securities issuances. John has a keen interest in ECA supported and asset financings. In 2008 he completed the first significant New Zealand Export Credit Office supported buyer credit financing.

Insolvency and Restructuring

• Acting for Perpetual Trust as trustee for the subordinated noteholders of Hanover Finance Limited, super-subordinated holders of bonds issued by Hanover Capital Limited and secured debenture stock issued by United Finance Limited.
• Advising BOS International (Australia) Limited as priority secured creditor in connection with the moratorium proposed by Strategic Finance Limited.
• Advising Perpetual Trust Limited as trustee in connection with OPI Pacific New Zealand Limited’s (formerly MFS pacific) moratorium proposal.
• Advising Korda Mentha on security enforcement issues in the Braemar Lodge receivership.
• Advising NZGT as trustee and issuer for the propertyfinance securitisation trusts, including the termination and transfer of the trust manager and servicer roles following the receivership of propertyfinance securities limited.
• Advising PriceWaterhouseCoopers as receivers of Bridgecorp in connection with security priority issues.
• Establishment of a property portfolio securitisation to support the debt restructuring initiatives of Century City and Paliburg (both Hong Kong property development companies).
• Advising Bank of America as senior bank agent on the restructuring of the
  Chevron Texaco, PTT Star Refinery including re-negotiation of the IFC and JBIC funding portions.
• Convertible bond restructurings for Technology Resources Industries Bhd and Sunway Holdings Bhd.
• Advising Sunway on a structured reverse dutch auction.
• Advising Pilipino Telephone Corporation on its whole of business debt restructuring including parent credit support arrangements, the deferral of significant trade creditor claims and a bond exchange offer.
• Structured, multi-tranche discounted exchange offer for Smart Communications in connection with the outstanding debt obligations of Piltel.
  

Asset and Project Finance

• Advising ABN AMRO on its NZ Export Credit Office supported buyer credit, project financing of an aquarium project in Istanbul. The financing was NZECO’s first significant buyer credit transaction (completed in December 2008).
• Advising Marubeni Corporation on its US$450 million funding to CallPlus Limited to build a nationwide wireless broadband network using WiMax technology.
• Advising the banks to a local council sponsored waste-water project.

Acquisition and Mezzanine Finance

• Acting for BOS International (Australia) Limited in its funding of the acquisition of Metropolitan Glass and Glazing Limited and its subsidiaries. This was one of the largest acquisitions in 2006 in New Zealand.
• Advising Ironbridge on its acquisition funding for the Envirowaste business.
• Acting for the mezzanine debt investor in the PEP sponsored leveraged acquisition of Tegel.
• Advising ANZ/Deutsche on PEP’s acquisition of the Griffins business.
  

Securitisation and Structured Finance

• Advising New Zealand Guardian Trust as trustee on the establishment of an RMBS securitisation structure for its own assets.
• Advising the Liberty Financial group on New Zealand aspects of its securitised debt products.
• Advising ABN/RBS on a conduit backed credit card receivables financing.

Debt Securities Issuance

• Advising Vector on the rollover of its NZ$307 million capital notes including amendment to the note terms to achieve S&P intermediate equity credits.
• Advising Vector on the issue of NZ$1.2b of credit-wrapped bonds.
• Advising Auckland Airport on its retail bond issues in 2008 and February 2009.
• Establishment of the retail offering of Hindsight Securities linked to performance of the BRIC indices.
• Advising Perpetual Trust on the leverage elements of a structured PIE.
  

Property Finance

• Acting for BOS International (Australia) Limited in its financing of the Pegasus Town development.
• Advising the Melview group on funding aspects of its development at the Kawerau Falls development in Queenstown.