find the latest legal job
Inhouse Legal Counsel -18 months-4 PAE - Real Estate Investment Company
Category: Banking and Finance Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· In brand new prestigious CBD offices
View details
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
Sky's the limit on Southern Cross deal: law firm

Sky's the limit on Southern Cross deal: law firm

Clayton Utz advises Southern Cross Media as it was poised last week to complete its planned management internalisation initiative.

SOUTHERN Cross Media, the old Macquarie Media Group, was poised last week to complete its planned management internalisation initiative after the successful refinancing of a $375 million domestic debt facility.

The completion of the initiative has spectators saying the removal of any links to Macquarie should improve the media company’s appeal to investors.

Southern Cross Media Group Ltd in February wrote down the value of its US business and posted a loss for the first half of 2009/10. It posted a $148.07 million loss for the six months to December 31, 2009, compared with a $127.26 million loss in the prior corresponding period.

But these US issues are quarantined, and Southern Cross Media is now celebrating the capital raising from last year as well as the corporatisation of Southern Cross Media Group, which is expected to complete next week.

Clayton Utz, which has advised Southern Cross Media since 2006, worked on the deal. It has congratulated its client on these successes, as well as the successful completion of its internalisation initiative and the refinancing of its business level debt facility on 10 March 2010.

The transactions represent a rare combination of events by virtue of Southern Cross Media Group seeking to restructure many facets of its business at the one time, Clayton Utz said.

“The innovative capital raising structure, a single bookbuild accelerated pro-rata renounceable entitlement offer, represented the first time this new structure had been used by a stapled vehicle, it said in a statement last week.

The corporatisation involves a corporate restructure, including the destapling of the Southern Cross Media Group entities, and restructure of those entities under a single Australian company using a Bermudan scheme of arrangement and Australian trust scheme.

Clayton Utz corporate and M&A partners Karen Evans-Cullen and Toby Ryston-Pratt advised on the internalisation and corporatisation initiatives.

The firm’s equity capital markets partner, Stuart Byrne, advised on the recapitalisation. Banking and financial services partners, Geoff Geha and Alex Schlosser, acted for Southern Cross Media on the refinancing arrangements.

Evans-Cullen and Ryston-Pratt said: "These are novel transactions which presented interesting challenges for our teams and continued Clayton Utz’ longstanding relationship with Southern Cross Media Group.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Sky's the limit on Southern Cross deal: law firm
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Animal law moots, advocacy, Melbourne University, Australia and New Zealand Intervarsity Moot on Animal Law
Sep 25 2017
Moot unleashes animal advocacy
Melbourne has played host to one of the largest animal law moots, with student participants put th...
Sep 25 2017
Transgender teens should not need legal approval for hormone treatment, court hears
A transgender 17-year-old known as Kelvin has appealed in the Family Court against the requirement o...
Appointed, Victorian Legal Services Commissioner
Sep 25 2017
NFP CEO appointed Victorian Legal Services Commissioner
The CEO of a Victorian not-for profit pro bono legal services provider has been named as the state...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...