Freehills is advising AWB Limited (AWB) on its fully underwritten entitlement offer and institutional placement to raise $459 million.
The offer is structured as a 1 for 1 accelerated non-renounceable entitlement offer and placement. The proceeds of the raising will strength AWB’s balance sheet and provide financial flexibility through the subsequent reduction in net debt.
AWB is one of Australia’s leading agribusinesses with focus on grain trading, rural and financial services, and the provision of competitive products and services to wheat growers.
The Freehills team advising AWB was led by partner Tim McEwen and supported by senior associate Amy Goble and lawyer Cecilia Mehl.
Freehills partner Tim McEwen said, ‘This capital raising was very important for AWB and will position AWB favourably going forward and enhance its future strategic options. It was a pleasure to work closely with a strong management team to achieve a great result for the company.’
Freehills’ capital markets team has advised on many of Australia’s largest recent significant placements, including those by Ten Network, Lend Lease, CFS Retail Property Trust, Transfield Services and the $2 billion placement by the Commonwealth Bank (awarded the Equity Market Deal of the Year at the 2009 ALB Australasian Law Awards). Freehills has also advised issuers or underwriters on many of the recent large entitlement offers including the offers by Santos, Amcor, Virgin Blue, GPT Group and Suncorp-Metway.
The offer is underwritten by Deutsche Bank AG, Sydney branch, Goldman Sachs JBWere Pty Ltd and UBS AG, Australia Branch.
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