Freehills is advising Warburg Pincus on its cornerstone participation in a $800 million capital raising by Transpacific.
The Freehills team was led by partner Mark Crean, who worked closely with partner Patrick Lowden and senior associate Faith Sing with specialist input from partners Philippa Stone and Peter Dunne, senior associates Linda Lindsay and Vittorio Casamento and lawyers Shing Lo, Charlotte Alexander and Sally Choi.
Freehills partner Mark Crean said, ‘The deal was innovative and challenging, as it blended M&A, capital markets and private equity fund issues.’
Mr Crean continued, ‘Cornerstone investments have been relatively uncommon in the Australian market until now. We are seeing more listed entities increasingly considering PIPEs funding from private equity and other cornerstones as a source of capital.’
Freehills partner Peter Dunne noted that the, ‘The Warburg Pincus-Transpacific deal is evidence of the continual evolution of the private equity model, and an example of the next wave of capital that will target the listed market.’
The proposed transactions will result in a raising of ~A$800 million, the net proceeds of which will be used to reduce Transpacific’s debt to its banking syndicate, close out a portion of its interest rate swap contracts and as working capital.
Freehills has advised on many of the cornerstone investments of late including advising GIC Real Estate on its investment in the GPT Group, GSJBW Private Equity on its investment in AJ Lucas and Fisher & Paykel on its cornerstone placement as part of its recently announced capital raising.
Freehills worked closely with Freshfields Bruckhaus Deringer (Warburg Pincus’ international lawyers), Clayton Utz (advising Transpacific) and Mallesons Stephen Jaques (advising the underwriters) on the deal.
More information
For information regarding possible implications for your business, contact