FREEHILLS and Mallesons Stephen Jaques have acted on Servcorp Limited's capital raising, acting on opposite sides of the deal.
Mallesons M&A partners, Greg Golding and Brian Murphy acted for the serviced offices provider, Servcorp, on the $80 million raising, which was announced this morning.
Freehills, led by partner Tony Sparks and solicitors Carl Hornigold, Steve Drummond and Ivan Yu, is acting as Australian legal counsel to the underwriter on the capital raising, which will take place via an accelerated non-renounceable, pro-rata entitlement offer to existing institutional and retail shareholders at $4 per share.
As well, an institutional placement will be conducted at the same time, with the institutional component of the entitlement offer at the same offer price.
As The Australian reported last month, Servcorp has been able to expand its business as the economy faltered globally. Its impact on corporations' expenditure has enabled it to grow and cash in on very low rates for leases due to rising vacancies.
Servcorp intends to use the proceeds of the offer, on top of existing available cash reserves, to fund the global expansion, including a roll-out of at least 100 new floors over the next three to four years.