MMA Offshore secures $80m equity raising and recapitalisation proposal
Ashurst has assisted MMA Offshore in an equity raising and recapitalisation proposal, valued at $80 million.
Firm: Ashurst (MMA Offshore)
Deal: Ashurst has advised MMA Offshore on an $80 million equity raising and recapitalisation proposal, which is being undertaken by way of an accelerated non-renounceable entitlement offer and a concurrent placement to investors.
Value: $80 million.
Area: Equity raising.
Key players: The team was led by partner Antonella Pacitti who was assisted by partners Gaelan Cooney, Jason Salman, senior associate Zoe Woolford, lawyers Toby Newnes, Ben Thomas and Meng-Yeow Lim and graduate Tom Carmody.
Deal significance: The proceeds of the equity raising will be used to pay down existing debt as part of a debt restructure program.
It involves repayments and prepayments of debt and approximately $15.1 million in debt concessions with the remaining lenders to amend its syndicated facility agreement, including extending the maturity date of the facility from September 2021 to January 2005.
Ms Pacitti said: “MMA Offshore is a longstanding and much valued client of our firm, and we are delighted to have been able to support them again on such an important transaction.”