Deal: Herbert Smith Freehills advised Seven Group Holdings Limited (SGH) on its $500 million fully underwritten institutional placement and non-underwritten share purchase plan (SPP) to raise up to $50 million, announced to the ASX on 19 April 2021. 

Value: $500 million. 

Area: Corporate. 

Key players: The HSF team was led by partner Rebecca Maslen-Stannage and senior associate Mia Harrison-Kelf, who were supported by solicitors Sunny Li and Ilana Gottlieb. Singapore-based partner Siddhartha Sivaramakrishnan, along with Hong-Kong-based senior associate Jin Kong and London-based consultant Elizabeth Bramon advised on US aspects of the transaction. 

The firm’s team worked closely with the SGH team, including MD and chief executive Ryan Stokes, CFO Richard Richards, and company secretary Warren Coatsworth. Herbert Smith Freehills advised SGH on all facets of the placement and SPP. Jarden Australia Pty Limited and Macquarie Capital (Australia) Limited were joint lead managers, bookrunners, and underwriters of the placement.

Deal significance: SGH is an Australian diversified operating and investment group with investments in industrial services, oil and gas, and media.

According to the firm’s statement, the placement and SPP will enable SGH to reduce overall net debt and strengthen balance sheet flexibility to support portfolio growth opportunities. 

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The capital raising, the firm said, will improve liquidity by increasing SGH’s free-float and facilitate continued discipline in the company’s approach to capital allocation.

“It was a pleasure to work with Seven Group Holdings on this transaction. The SGH team are always extremely practical and positive in executing complex transactions and we very much enjoy working with them to achieve their strategies,” said Ms Maslen-Stannage. 

“We always enjoy working with Rebecca and her capable team, their advice is valued and they work seamlessly to support SGH to successfully deliver pivotal capital markets transactions,” said Mr Stokes.