Freehills is advising UBS AG, Australia Branch on their underwriting of Challenger Diversified Property Group’s (Challenger) announced capital raising of approximately A$130 million (Offer).
The raising will take place by an accelerated ‘low doc’ 4 for 7 non-renounceable entitlement offer to existing institutional and retail securityholders at $0.40 per stapled security.
The proceeds of the Offer will be used to bolster Challenger’s balance sheet and liquidity position.
Challenger Financial Services Group, Challenger’s largest securityholder, has committed to take-up its full entitlement, and participate in sub-underwriting the Offer.
The Freehills team is partner Tony Sparks, senior associate Daniel Scotti and solicitors Carl Hornigold and Jeremy Chew.
Freehills partner Tony Sparks said, ‘The deal highlights yet another example of a significant shareholder supporting a capital raising.’
Freehills’ award winning teams have advised on many of the capital raisings involving cornerstone investments of late including advising the underwriters of the recent capital raisings by Virgin Blue and Australand Property Group, Warburg Pincus on its cornerstone investment in Transpacific Industries Group Limited, Chinese Investment Corporation on its investment in the Goodman Group and FKP Property Group on its capital raising (in which Mulpha was the cornerstone investor).
Blake Dawson advised Challenger.
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