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Freehills is advising JP Morgan and Credit Suisse on a Virgin Blue underwriting, after the airline announced a capital raising of about $231.4 million.
FREEHILLS is advising JP Morgan Australia and Credit Suisse (Australia) on a Virgin Blue underwriting, after the airline announced a capital raising of about $231.4 million.
Virgin Blue is attempting to strengthen is capital position and provide financial flexibility for future growth.
The capital raising will see an institutional placement to raise about A$21 million, on top of a one-for-one pro-rata non-renounceable entitlement offer at $0.20 per share, for institutional and retail investors, to raise about $210.4 million.
Virgin Blue's largest shareholder, parent company Virgin Group, will take up its full pro-rata entitlement and 35 per cent of the institutional placement, as well as sub-underwriting 20 per cent of the retail component of the entitlement offer.
Freehills partner Tony Sparks, with senior associate Faith Sing, Steve Drummond and Jeremy Chew, worked on the deal.
The legal advisers worked to produce an offer structure that enabled the client to manage compliance with airline specific ownership legislation.
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