Freehills advised Transfield Services Infrastructure Fund (TSI Fund), an ASX-listed entity which owns a portfolio of interests in essential infrastructure assets, on its capital structure review (Review), which commenced in June 2009.
Following the Review, TSI Fund announced:
- $110 million capital raising
- $191 million sale of Mt Millar Wind Farm, and
- corporate-level debt refinancing package.
Freehills acted for TSI Fund on the $110 million capital raising, which comprises:
- an accelerated non-renounceable entitlement offer to TSI Fund’s existing securityholders at $0.70 per security, and
- a placement to institutional investors at the same offer price.
The capital raising is fully underwritten by Macquarie Capital Advisers and RBS and is supported by TSI Fund’s major securityholder, Transfield Services Limited.
Freehills partner Philippa Stone said, ‘It has been a pleasure to help TSI Fund execute the initiatives announced today. We are also delighted to continue our longstanding relationship with TSI Fund, having acted on its initial public offering in 2007 and now on the Review.’
Freehills also acted for TSI Fund on the share sale of 70 megawatt Mt Millar Wind Farm, which is being purchased by Meridian Energy (a New Zealand state owned enterprise specialising in renewable energy) for $191 million.
Freehills partner Tony Sparks said, ‘This was a key element of the Review which, along with the other initiatives, puts TSI Fund in a position to access cost-effective capital to fund future growth.’
The Freehills team is led by partners Philippa Stone and Tony Sparks and supported by senior associate Daniel Scotti and lawyers Ivan Yu and Jeremy Chew.
Freehills’ award-winning equity capital markets team has advised issuers or underwriters on many of Australia’s largest recent capital raisings, including acting for Miclyn Express Offshore and Myer on their recent IPOs, for Woodside, Santos, Elders, BBI/Prime Infrastructure, Lend Lease and FKP Property Group on recent secondary raisings, and for the underwriters on numerous secondary raisings including those by Rio Tinto, Kathmandu, CSR, Challenger Diversified Property Group, Australand Property Group and DEXUS Property Group.
More information
For information regarding possible implications for your business, contact