Allens Arthur Robinson (Allens) is advising Leighton Holdings Limited on its equity capital raising by way of entitlement offer, announced on 11 April 2011.
The raising is a fully underwritten one-for-nine pro-rata accelerated renounceable entitlement offer of new Leighton ordinary shares at an offer price of $22.50 per new share to raise approximately $757 million.
The proceeds from the entitlement offer will be used to strengthen Leighton’s balance sheet; provide financial flexibility to pursue growth opportunities; and support investment grade credit rating metrics.
Partners Ewen Crouch, Andrew Finch and Vijay Cugati coordinated the Allens team that worked under tight deadlines to get the entitlement offer to market within a week.
‘We are very grateful for the opportunity to assist Leighton in this important transaction,’ Mr Finch said.
‘It follows the completion of a major review of Leighton’s operations and asset base, which resulted in a revision of the profit forecast for the 2010/11 financial year.
‘Allens worked very closely with Leighton’s senior management team, who were able to confirm the positive outlook and solid fundamentals of the underlying Leighton businesses, enabling the offer to be fully underwritten.’
Mr Cugati said Leighton’s entitlement offer continues the outstanding success of Allens’ Equity Capital Markets practice over the past two years.
‘We work closely with our corporate clients to help manage their capital requirements,’ Mr Cugati said.
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