Kathmandu completes multimillion-dollar capital raising

By Emma Ryan|25 March 2018

Several firms have advised on a deal that saw Kathmandu Holdings Limited undertake a trans-Tasman capital raising worth NZ$40 million.

Firms: Gadens (Kathmandu Holdings Limited); Chapman Tripp (Kathmandu Holdings Limited); Herbert Smith Freehills (Goldman Sachs Australia Pty Ltd); Ben Gully (Goldman Sachs Australia Pty Ltd).

Deal: Kathmandu Holdings Limited (Kathmandu) has been advised on its underwritten placement of 18.5 million fully paid ordinary shares to institutional and sophisticated investors.

Value: NZ$40 million (37.4 million)

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Area: Corporate, finance

Key players: The Gadens legal team comprised partners Jeremy Smith and Michael Kenny, and senior associate Winnie Sinn. The three advised on the Australian aspects of the capital raise.

Meanwhile, Chapman Tripp partners Roger Wallis and Fiona Bennett, and senior associate Nick Letham, advised Kathmandu on the placement and share purchase plan (SPP) from a New Zealand law perspective.

Deal significance: According to a statement from Gadens, the placement will be followed by a non-underwritten SPP to raise up to approximately NZ$8 million, with the ability for Kathmandu to accept up to a further NZ$2 million in oversubscriptions.

“The issue price for shares under the placement and SPP is NZ$2.16, representing a 10.0 per cent discount to the last closing price on the NZX of NZ$2.40 on 19 March 2018,” the statement said.

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“The capital raise will be applied towards Kathmandu's acquisition of American outdoor footwear company Obōz Footwear LLC.”

Goldman Sachs Australia Pty Ltd acted as lead manager and underwriter of the placement.

Kathmandu completes multimillion-dollar capital raising
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