You have 0 free articles left this month.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo
Advertisement
Big Law

HSF advises on $500m capital raising

The global firm assisted dairy giant Murray Goulburn Co-operative on its new capital structure.

July 10, 2015 By Stefanie Garber
Tim McEwen
expand image

Firms: Herbert Smith Freehills (Murray Goulburn); King & Wood Mallesons (Macquarie)

Deal: Murray Goulburn established a special purpose fundraising vehicle which listed on the ASX on 3 July.

Value: $500 million

Area: Banking and finance

Key players: Melbourne partners Tim McEwen (pictured) and James Crowe lead the HSF team, supported by senior associate Nick Golding and solicitors Peter Moh and Lauren Faba. Executive counsel Marita Batty, as well as a number of other specialists, also advised.

Deal significance:

Murray Goulburn is Australia’s largest dairy foods company, supplying dairy foods and products domestically and internationally with its flagship Devondale, Liddells and Murray Goulburn Ingredients brands.

According to a statement from HSF, Murray Goulburn’s new Capital Structure involved the establishment of a unit trust (MG Unit Trust), a special purpose funding vehicle, which listed on the ASX on 3 July 2015.

“The initial public offer (IPO) of units in the MG Unit Trust raised A$437.7 million, with an additional A$62.3 million raised through two supplier share offers in Murray Goulburn,” the statement said.

“The funds raised by the MG Unit Trust have been invested into Murray Goulburn to provide unitholders with an economic exposure to Murray Goulburn equivalent to the economic exposure of shareholders in Murray Goulburn. The Capital Structure includes a profit-sharing mechanism which aligns the interests of suppliers and unitholders, with each benefitting from an increase in milk prices.”

HSF confirmed the IPO did not change Murray Goulburn’s ownership structure.

The new structure also involved establishing a shareholder trading platform (STP) – “a private trading platform allowing Murray Goulburn’s shareholders to buy and sell their shares at the prevailing unit market price”.

Macquarie Capital (Australia) Limited acted as sole lead manager of the capital raising and Macquarie and Lazard Australia acted as financial advisers to the Capital Structure.

 

Tags
You need to be a member to post comments. Become a member today
Got a tip for us?
If you have any news tips or stories to share, feel free to send them our way.
Momentum Media Logo
Most Innovative Company