Firms: Minter Ellison (FKP Property Group, the issuer), Clayton Utz (Goldman Sachs Australia Pty Ltd, lead manager and underwriter of the entitlement offer), Skadden, Arps, Slate, Meagher & Flom (US counsel to FKP), Sidley Austin (US counsel to Goldman Sachs Australia Pty Ltd)
Deal: Accelerated non-renounceable pro-rata entitlement offer of stapled securities to FKP’s existing shareholders
Area: Property; Equity Capital Markets
Value: $208 million
Key players: Minters’ team included partners Gary Goldman, Daniel Scotti and Ian Lockhart, along with special counsel Darren Sumich and senior associate Stephen Knight
Deal significance: FKP is one of Australia's leading diversified property and investment companies, operating an integrated business model that includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand. FKP is an ASX top-200 company.
The net proceeds of the entitlement offer will be used by FKP to repay debt and provide liquidity and headroom under its debt facilities.