find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
HSF advises on $500m capital raising

HSF advises on $500m capital raising

Tim McEwen

The global firm assisted dairy giant Murray Goulburn Co-operative on its new capital structure.

Firms: Herbert Smith Freehills (Murray Goulburn); King & Wood Mallesons (Macquarie)

Deal: Murray Goulburn established a special purpose fundraising vehicle which listed on the ASX on 3 July.

Value: $500 million

Area: Banking and finance

Key players: Melbourne partners Tim McEwen (pictured) and James Crowe lead the HSF team, supported by senior associate Nick Golding and solicitors Peter Moh and Lauren Faba. Executive counsel Marita Batty, as well as a number of other specialists, also advised.

Deal significance:

Murray Goulburn is Australia’s largest dairy foods company, supplying dairy foods and products domestically and internationally with its flagship Devondale, Liddells and Murray Goulburn Ingredients brands.

According to a statement from HSF, Murray Goulburn’s new Capital Structure involved the establishment of a unit trust (MG Unit Trust), a special purpose funding vehicle, which listed on the ASX on 3 July 2015.

“The initial public offer (IPO) of units in the MG Unit Trust raised A$437.7 million, with an additional A$62.3 million raised through two supplier share offers in Murray Goulburn,” the statement said.

“The funds raised by the MG Unit Trust have been invested into Murray Goulburn to provide unitholders with an economic exposure to Murray Goulburn equivalent to the economic exposure of shareholders in Murray Goulburn. The Capital Structure includes a profit-sharing mechanism which aligns the interests of suppliers and unitholders, with each benefitting from an increase in milk prices.”

HSF confirmed the IPO did not change Murray Goulburn’s ownership structure.

The new structure also involved establishing a shareholder trading platform (STP) – “a private trading platform allowing Murray Goulburn’s shareholders to buy and sell their shares at the prevailing unit market price”.

Macquarie Capital (Australia) Limited acted as sole lead manager of the capital raising and Macquarie and Lazard Australia acted as financial advisers to the Capital Structure.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

HSF advises on $500m capital raising
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...