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King & Wood Mallesons and Minter Ellison have acted on Australian Agricultural Company’s capital raising.
Firms: King & Wood Mallesons (Australian Agricultural Company (AACo)); Minter Ellison (AA Trust – one of AACo’s largest shareholders)
Area: Equity capital markets
Value: $299 million
Key players: KWM’s team was led by M&A partners Stefan Luke and David Friedlander (pictured), assisted by senior associates Rhys Casey and Amanda Isouard and solicitor Steve Mylonas. Ken Astridge and Jung Ma assisted on the convertible note terms. Partners Costas Condoleon Daniel Scotti and John Elias acted for Minters, with assistance from senior associate Bryn Davis
Deal significance: The capital raising comprised a $219 million fully-underwritten accelerated non-renounceable pro-rata entitlement offer and the placement of subordinated convertible notes to raise a further $80 million. The proceeds of the capital raising will be used to fund construction of the company’s Darwin Abattoir, reduce net debt and position the company to execute its vertical integration strategy.
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