Herbert Smith Freehills is advising ASX Limited on its A$553 million fully underwritten pro-rata accelerated renounceable entitlement offer, announced today (the “Entitlement Offer”).
The proceeds received from the Entitlement Offer will be used by ASX Limited to contribute A$200 million additional equity to ASX Clear (Futures) (the clearing facility and central counterparty for all futures, options on futures and ASX listed CFDs), replace the existing $250 million unsecured, non-recourse debt facility of ASX Clearing Corporation (a wholly owned subsidiary of ASX) with equity capital, and fund current and future growth initiatives and support other licensed subsidiaries of ASX Limited.
The Herbert Smith Freehills team was led by Philippa Stone, Partner and Co-Head of Capital Markets, and Fiona Gardiner-Hill, Partner. Senior associate Philip Hart and solicitors Charlotte Cameron and Adrian Amer were members of the transaction team.
Philippa Stone commented: “Herbert Smith Freehills is delighted to have acted for ASX Limited on this important transaction. The Entitlement Offer is the first capital raising to have been undertaken by ASX Limited and the largest secondary equity offer by an ASX-listed issuer this year. We have very much enjoyed working with the ASX team towards today’s announcement.”
UBS AG, Australia Branch was the sole underwriter to the Entitlement Offer. UBS AG was advised by King & Wood Mallesons.
Herbert Smith Freehills has also recently advised ASX Limited on its A$55 million acquisition of d-cyphaTrade Limited from Transpower New Zealand Limited. The Herbert Smith Freehills team was led by Fiona Gardiner-Hill, Partner and included solicitor Debra Ellis.
In addition, Herbert Smith Freehills’ capital markets team has recently acted for Macquarie as sole book runner, lead manager and underwriter for Mirvac Group’s A$400 million fully underwritten placement, for Citi as sole lead manager and bookrunner on Woolworths’ property demerger and associated capital raising, for Macquarie as sole lead manager and bookrunner on Goodman Group’s A$400 million capital raising, for Ten Network Holdings Limited on its A$200 million entitlement offer and its A$230 million entitlement offer, for AGL Energy Limited on its A$900 million entitlement offer and $650 million subordinated notes offer and for Calibre Group on its A$478 million listing on ASX.
Herbert Smith Freehills’ Australian capital markets team has also recently acted for Commonwealth Bank of Australia on its A$2 billion offer of PERLS VI (and concurrent PERLS IV buy-back and Reinvestment Offer) the first Basel III compliant hybrid by an Australian Bank, for Bendigo and Adelaide Bank on its A$269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer, for the joint lead managers on Macquarie Group Limited’s offer of Macquarie Capital Notes, the joint lead managers on National Australia Bank’s A$1.5 billion offer of CPS, Westpac Banking Corporation’s A$1.25 billion Capital Notes offer, for the joint lead managers on Westpac Banking Corporation’s A$1.5 billion offer of Tier 2 Westpac Subordinated Notes, for the joint lead managers on ANZ’s A$1.5 billion offer of ANZ Subordinated Notes, for Colonial on its A$1 billion offer of subordinated notes and for the joint lead managers on IAG’s A$377 million offer of convertible preference shares.
Related Posts:
- None Found