Firms: Herbert Smith Freehills (Goldman Sachs Australia); Minter Ellison (FKP Property Group)
Deal: FKP Property Group’s accelerated pro-rata non-renounceable entitlement offer
Area: Property/Equity capital markets
Value: $232 million
Key players: The Herbert Smith Freehills team was led by partner Philippa Stone (pictured) and senior associates Lucy Hall and Philip Hart, assisted by solicitor John Blake. Minters’ team was led by partners Gary Goldman and Daniel Scotti, with assistance from special counsel Darren Sumich, senior associate Stephen Knight, associates Stephanie DeVere and Joel Farina, and lawyer Amy Dunphy.
Deal significance: Goldman Sachs acted as sole lead manager and underwriter for FKP’s $232 million accelerated pro-rata non-renounceable entitlement offer; it also acted as sole bookrunner and underwriter of Stockland’s sale of its stake in FKP, conducted concurrently with the institutional shortfall bookbuild under the Entitlement Offer.
The proceeds received from the Entitlement Offer will be used to deleverage and extinguish substantially all short-term debt maturities to improve FKP’s overall capital position.
Lead Minters partner Daniel Scotti commented: "There is strong continuing institutional support for FKP and its new business directions. The FKP, Goldman Sachs and Minter Ellison teams worked together very effectively on this transaction, to optimise demand from new and existing investors and facilitate the exit of an announced seller of FKP securities from its register."
HSF’s lead partner Philippa Stone said: “Herbert Smith Freehills is delighted to have acted for Goldman Sachs on these important transactions which will assist FKP in significantly reducing leverage and facilitate Stockland’s orderly exit from FKP’s register.”