Firms: Clayton Utz (UBS and Macquarie Capital as underwriters), Freehills (SP AusNet as issuer)
Deal: Accelerated non-renounceable pro rate entitlement offer of SP AusNet stapled securities, announced to the market on 16 May
Area: Capital markets
Value: $434 million
Key players: The Freehills team advising SP AusNet was led by partner, Robert Nicholson, who was supported by executive counsel Amy Goble and solicitor Jessica Chen. SP AusNet’s general counsel, Susan Taylor and senior commercial lawyer, Evan Holland provided in house legal services in support of this transaction. Clutz partner and national equity capital markets practice head Stuart Byrne (pictured) and senior associate Richard Knott led the underwriters on the deal.
Deal significance: SP AusNet is a diversified energy business, managing three key Victorian energy networks of electricity transmission, electricity distribution and gas distribution and a number of commercial services to help customers manage their energy, water and environmental needs. Funds raised from the entitlement offer will be used to fund significant expansion in the regulated asset base and other growth opportunities as well as support SP AusNet’s credit profile. Robert Nicholson noted that Freehills have been involved with SP AusNet since its IPO in 2005. The offer is underwritten by Macquarie Capital Australia Limited and UBS AG, Australia Branch.
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