Freehills advises on $490m equity raising

FREEHILLS is acting for Boral Limited on its $490 million capital raising.

Partners Tony Sparks and Philippa Stone are leading the deal, with senior associate Daniel Scotti and lawyer Carl Hornigold.

The capital raising will be used by Boral to finance an upgrade of its plasterboard plant in Victoria, as well as the proposed Peppertree quarry in New South Wales and the acquisition of the remaining interest in its MonierLife tile joint venture, the company said.

The company announced a fully underwritten 1 for 5 accelerated renounceable entitlement offer to raise the $490m at an issue price of $4.10 a share.

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The capital raising comes after the completion of a six month review, which chief executive Mark Selway said had “crystallised the markets and geographies where the group has the potential to achieve long term growth”.