Warburg Pincus’ cornerstone participation in a capital raising by Transpacific has been judged the ‘Best Deal’ in Australia at The Asset Asian Country Awards 2009.
Freehills advised Warburg Pincus on the innovative transaction. 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.
The deal raised A$800 million, the net proceeds of which were used to reduce Transpacific’s debt to its banking syndicate, close out a portion of its interest rate swap contracts and as working capital.
Corporate M&A partner Mark Crean, who led the Freehills team, said ‘We were delighted to have worked with Warburg Pincus for the great outcome on this complex deal.
‘The transaction was challenging and innovative. It blended M&A, capital markets and private equity fund issues and was the first sizable private equity cornerstone investment in an equity raising by a public company in Australia.
‘The cornerstone investor can bring credibility, momentum and underwriting to enable a broader rights issue transaction to take place. The deal also evidences our teams’ ability to execute successful cornerstone and PIPE transactions.’
Freehills has advised on many of the cornerstone investments of late including advising Prime Infrastructure on its recapitalisation, CIC on its investment in Goodman Group, 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, on the deal.
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