Freehills advised AGL on its $900 million 1 for 6 accelerated pro-rata entitlement offer, with retail entitlements trading, announced Thursday.
Philippa Stone led the Freehills team, assisted by special counsel Rob Finlay, senior associate Philip Hart and solicitors Lucy Hall and Fergus Rourke. Greenwoods & Freehills director Richard Hendriks advised AGL on tax issues.
Freehills partners Baden Furphy, John Angus and Patrick Lowden and senior associates Rory Maguire and Laura Cameron also advised on the transaction and on the GEAC acquisition and the subordinated notes issue.
King & Wood Mallesons acted for underwriters Citigroup Global Markets Australia Pty Limited and Deutsche Bank AG, Sydney Branch, on the deal.
The King & Wood Mallesons team was led by M&A partners David Eliakim and David Friedlander, who were assisted by solicitor Amanda Isouard. Partner Scott Heezen advised on tax-related issues.
David Eliakim said: “In a challenging and volatile equity capital market, a capital raising of this size to fund a significant acquisition is a real achievement and a credit to both the company and the underwriters.”
Proceeds from the entitlement offer will be used, among other purposes, to fund the acquisition of the 67.5 per cent of Great Energy Alliance not currently owned by AGL, to allow partial repayment of existing GEAC bank loans, and for general corporate purposes including renewable energy generation.
Ashurst assisted AGL in securing clearance from the ACCC to fully acquire Great Energy Alliance.
Ashurst and lead partner on this matter Liza Carver said: "Today's decision of the ACCC to allow AGL to fully acquire GEAC brings to a closure a landmark regulatory process that had its origins more than a decade ago.
"The Ashurst team, including senior associate Alice Muhlebach, is delighted to have been able to assist AGL achieve such a pleasing result."