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Big offer for HSF and KWM

Big offer for HSF and KWM

Herbert Smith Freehills and King & Wood Mallesons have acted on ASX Limited’s $553 million pro-rata accelerated renounceable entitlement offer.

Firms: Herbert Smith Freehills (ASX Limited); King & Wood Mallesons (UBS AG – Australia branch)

Deal: ASX Limited’s $553 million fully underwritten pro-rata accelerated renounceable entitlement offer

Area: Equity capital markets

Value: $553 million

Key players: The Herbert Smith Freehills team was led by partner and co-head of capital markets Philippa Stone and partner Fiona Gardiner-Hill. Senior associate Philip Hart and solicitors Charlotte Cameron and Adrian Amer were members of the transaction team. The KWM team was led by M&A partner David Friedlander (pictured), who was supported by senior associate Amanda Isouard and solicitor Anna Chen

Deal significance: The proceeds received from the entitlement offer will be used by ASX Limited to contribute $200 million additional equity to ASX Clear (Futures) (the clearing facility and central counterparty for all futures, options on futures and ASX-listed CFDs), replace the existing $250 million unsecured, non-recourse debt facility of ASX Clearing Corporation (a wholly-owned subsidiary of ASX) with equity capital, and fund current and future growth initiatives and support other licensed subsidiaries of ASX Limited. Philippa Stone commented:  “The entitlement offer is the first capital raising to have been undertaken by ASX Limited and the largest secondary equity offer by an ASX-listed issuer this year.” UBS AG was the sole underwriter to the entitlement offer. David Friedlander commented: “The King & Wood Mallesons team is pleased to have worked with UBS on this important transaction involving ASX.” 

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