The media group announced this week it was lining up a $440m share sale, looking to raise funds to pay down debt with its earnings that have been hit by an advertising slump.
Seven West Media’s two largest shareholders, Seven Group Holdings (through its subsidiaries) and Kohlberg Kravis Roberts & Co, have committed to take up their full entitelements and the remainder of the entitlement offer is underwritten.
Seven West announced Monday that it is aiming to cut its net debt to about $1.44 billion from $1.875 billion with the one-for-two offering, The Sydney Morning Herald announced.
Freehills’ Rebecca Maslen-Stannage was the lead partner on this deal. She was supported by senior legal associate Jennifer Harding.
According to Ashurst lead partner in the deal, Sarah Dulhunty: "The capital raising was important to alleviate the market's concerns around SWM's debt levels so the focus could return to the performance of the underlying business."