Value: $140 million.

Deal: MinterEllison has advised Flexigroup Limited on their announced $140 million accelerated non-renounceable entitlement offer. 

Area: Capital markets.

Key players: The MinterEllison team was led by corporate law and capital markets partner Bart Oude-Vrielink.

Deal significance: FlexiGroup said the capital raise would help strengthen its balance sheet and also allow it to pursue growth in its brand, including its buy now, pay later service humm.

“With the hard work now done in simplifying and streamlining our business, the equity raise will allow us to invest and grow our strongest brand from a position of strength,” FlexiGroup CEO Rebecca James said.

“With our business focused on one brand and one ambition, we are confident that now is the time to ramp up our go-to-market strategy as [humm].”

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MinterEllison’s role involved advising FlexiGroup on all aspects of the capital raising, including structure, strategy, offer documentation, underwriting, DDC process and ASX liaison.

Mr Oude-Vrielink, corporate law and capital markets specialist at MinterEllison and lead partner on the deal said the capital raising will allow FlexiGroup to invest and grow its strongest brand, humm, a buy now, pay later payment platform. 

“The transaction was strategically structured as a pro-rata accelerated, non-renounceable [entitlement offer] to wholesale and retail investors,” he said.

Mr Oude-Vrielink also noted that FlexiGroup will benefit from additional balance sheet flexibility to take advantage of the opportunities presented by the unification of its strong customer propositions under its humm brand.

“Along with providing balance sheet flexibility, proceeds to be raised will provide FlexiGroup with the financial backing to underpin funding of the [company’s] strongest brand, invest in its strongest products and expand business partnerships and alliances,” he added.