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ALE finds security

ALE finds security

Allens and Herbert Smith Freehills have advised on an $80 million deal aimed at funding the simplification of ALE’s hedging arrangements.

Firms: Allens (ALE Property Group); Herbert Smith Freehills (placement agents)

Deal: Placement of stapled securities and ALE Notes 2, and an SPP aimed at funding the simplification of ALE's hedging arrangements

Area: Capital markets

Value: $80 million

Key players: The Allens team included partner Stuart McCulloch (pictured), senior associate Sandy Cameron and lawyers Amy Spira, Kirsty Moore and Scott Day

Deal significance: According to McCulloch, who led the Allens team, the deal is particularly newsworthy as it is he first time in recent years that a REIT has been able to raise money at a premium to net tangible assets.

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