Webjet completes $100m convertible notes offering
DLA Piper had advised Webjet on its $100 million convertible notes offering.
Firms: DLA Piper (Webjet)
Deal: Global law firm DLA Piper has advised Webjet Limited (ASX: WEB) on its €100 million (approximately $163 million) convertible notes offering which settled on 10 July 2020.
Value: $100 million.
Area: Cross-border, capital raise.
Key players: DLA Piper’s cross-border, cross-practice team was led by Singapore-based corporate partner Philip Lee and Australian corporate partner Joel Cox, with key support from David Lyons, David Ryan, Jennifer Whincup, Simon Rimmelzwaan and Mei Sum Chan.
Deal significance: The transaction was completed in difficult market conditions for Webjet, given the considerable impact on its business from COVID-19-related travel restrictions. The funds raised are in addition to $346 million raised by Webjet in April, by way of a placement and entitlement offer on which DLA Piper also advised.
“The net proceeds from this offering will help diversify Webjet’s funding sources and support our client’s ongoing efforts to maintain a strong balance sheet in this highly uncertain operating environment,” Mr Lee said.
“We’re seeing significant interest in convertible bonds by investors given depressed share prices in the current environment, particularly for companies which have long-term growth fundamentals but currently have temporary depressed valuations due to COVID-19.”
Goldman Sachs International acted as sole global coordinator and joint bookrunner and HSBC acted as joint bookrunner.