Deal: BWX was advised on a fully underwritten institutional placement and entitlement offer set to raise a total of approximately $23.2 million.

Area: Corporate

Key players: The MinterEllison team was led by Sudharshan Senathirajah alongside partner Nick Broome, with support from across MinterEllison’s transaction solutions team.

Deal significance: The entitlement offer comprises a 1-for-10 traditional pro-rata non-renounceable offer at an issue price of $0.60 per BWX share. 

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BWX is an ASX-listed beauty and wellbeing business founded in 2013. Part of the funds raised will be used to repay a portion of BWX’s bank debt. The balance of the proceeds will be used for working capital to support and fund the operations of the business and to accelerate debt reduction towards more conservative leverage ratios. 

“We are pleased to continue our ongoing support of BWX as they raise capital in a volatile ECM environment,” Mr Senathirajah.

“The substantial support offered by their largest shareholders indicates BWX’s positive long-term prospects as they weather the challenges in the market. Despite the conditions, we are still seeing ongoing ECM activity in Australia.”