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

Dairy company to raise funds

A national firm advised Warrnambool Cheese and Butter Factory on its $142 million pro-rate renounceable entitlement offer.

June 20, 2016 By Lara Bullock
Karen Evan-Cullen, Clayton Utz
expand image

Firms: Clayton Utz (Warrnambool Cheese and Butter Factory Company Holdings Limited).

Deal: Warrnambool Cheese and Butter Factory announced a $142 million pro-rate renounceable entitlement offer.

Value: $142 million

Area: Capital equity raising

Key players: The Clayton Utz team was led by partner Karen Evans-Cullen (pictured), who was assisted by senior associate Patricia Paton.

Deal significance: Warrnambool Cheese and Butter Factory Company will raise up to $142 million (before costs) through a 3 for 8 pro-rata renounceable entitlement offer of new shares at an offer price of $6.75 per new share.

The entitlement offer is not underwritten.

All of the proceeds from the entitlement offer, less costs, will be used to repay debt, which will strengthen the balance sheet and provide greater financial flexibility to invest in strategic capital investment initiatives.

This includes a planned capital project to expand capacity to manufacture cheese and other dairy products. This project will commence in FY17 and is expected to be completed in FY18 and will cost approximately $40 million.

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