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HSF and KWM act on Ten raising

HSF and KWM act on Ten raising

King & Wood Mallesons and Herbert Smith Freehills have acted on a capital raising to materially strengthen Ten Network’s balance sheet by reducing existing debt.

Firms: Herbert Smith Freehills (Ten Network Holdings Limited); King & Wood Mallesons (lead manager: Citigroup Global Markets Australia Pty Limited)

Deal: Ten’s $230 million underwritten pro rata accelerated non-renounceable entitlement offer

Area: Corporate

Value: $230 million

Key players: The HSF team was led by partner Philippa Stone (pictured) and senior associates Philip Hart and Lucy Hall. Solicitors Katherine Hensby and Charlotte Cameron were members of the transaction team and corporate partner Fiona Gardiner-Hill also assisted. The KWM team was led by M&A partners David Friedlander and David Eliakim, who were supported by solicitors Amanda Isouard and Apoorva Suryaprakash

Deal significance: Most of the proceeds from the entitlement offer will be used to repay Ten’s $US125 million ($210 million) US Private Placement facility, due in March 2013, with the remaining proceeds being used to fund restructuring costs and fund working capital for general purposes.

“In a challenging environment for media companies, we are pleased to have worked with Citigroup to deliver an outcome for Ten that will add further strength to its underlying financial position,” said Friedlander.

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