Herbert Smith Freehills has advised CBA Equities Limited, UBS AG, Australia Branch and Wilson HTM Corporate Finance Ltd as joint lead managers, and CBA Equities Limited and UBS AG, Australia Branch as joint underwriters and bookrunners, of Drillsearch Energy Limited’s (Drillsearch) A$50 million fully underwritten accelerated non-renounceable entitlement offer, announced today.
The proceeds from the offer will be used to fund the balance of Drillsearch’s acquisition of Acer Energy Limited (Acer), as well as Acer’s work program over the next 12-18 months.
Herbert Smith Freehills team was led by Philippa Stone, with support from Senior Associate Lucy Hall.
Ms Stone said: “We were delighted to have the opportunity to assist CBA Equities Limited, UBS AG, Australia Branch and Wilson HTM Corporate Finance Ltd in relation to this capital raising, which is one of a relatively small number of raisings to come to market in recent months. We wish them and Drillsearch every success.”
Drillsearch was advised by Ashurst Australia.
Herbert Smith Freehills’ capital markets team also recently acted for Commonwealth Bank of Australia on its $2 billion offer of PERLS VI (and concurrent PERLS IV buy-back and Reinvestment Offer), for Bendigo and Adelaide Bank on its $269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer, for Citi as sole lead manager and bookrunner on Woolworth’s property demerger and associated capital raising and for Macquarie as sole lead manager and bookrunner on Goodman Group’s recent $400 million capital raising.
Earlier this year the Herbert Smith Freehills’ capital markets team also acted for the joint lead managers on Westpac Banking Corporation’s $1.5 billion offer of Tier 2 Westpac Subordinated Notes, for the joint lead managers on ANZ’s $1.5 billion offer of ANZ Subordinated Notes, for Colonial on its $1 billion offer of subordinated notes, for the joint lead managers on IAG’s $377 million offer of convertible preference shares, for AGL Energy Limited on its $900 million entitlement offer and $650 million subordinated notes offer and for Ten Network Holdings Limited on its $200 million entitlement offer.
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