Ramsay Health Care raises capital to strengthen balance sheet
Herbert Smith Freehills has advised Ramsay Health Care Limited on its capital raising.
Firms: Herbert Smith Freehills (Ramsay Health Care)
Deal: Herbert Smith Freehills has advised Ramsay Health Care Limited (Ramsay Health Care) on its capital raising.
Value: This capital raising comprises a fully underwritten $1,200 million institutional placement and a non-underwritten share purchase plan to raise up to $300 million, according to a statement provided by HSF.
Area: Capital raising, private equity.
Key players: The Herbert Smith Freehills team was led by partners Philippa Stone and Nicole Pedler, who were supported by senior associate Alexander Mackinnon, and solicitors Jennie Bian and Jessica Palazzolo.
The firm’s Australian team worked closely with Herbert Smith Freehills’ US securities lawyers, including partner Siddhartha Sivaramakrishnan and senior associate Jin Kong.
Deal significance: The capital raising, together with Ramsay Health Care’s other capital management initiatives, is expected to enable it to strengthen Ramsay Health Care’s balance sheet and increase financial flexibility in an uncertain operating environment.
“We are delighted to have assisted Ramsay Health Care on this important milestone, which will strongly position the company for the future,” Ms Stone, co-head of Australian equity capital markets, said.
“The capital raising has been strongly supported by both institutional investors and retail shareholders through the share purchase plan, and we are proud to have been involved.”
Ms Pedler said, “We are proud to have been involved in Ramsay Health Care’s first equity capital raising since 2009. The success of the raise demonstrates that, despite the current uncertainty in market conditions, there is continued investor support for the right businesses."
J.P. Morgan Securities Australia Limited acted as underwriter to the placement.
Ramsay Health Care is a global health care company, with more than 50 years of experience in providing acute health care services.
The company delivers a range of acute and primary healthcare services from 480 facilities across 11 countries, making it one of the largest and most diverse healthcare companies in the world.