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Data centre company launches $120m equity raising

Data centre company launches $120m equity raising

Philippa Stone, Herbert Smith Freehills

Two firms have advised on the launch of NEXTDC Limited’s equity raising, fully underwritten by Macquarie Capital Limited.

Firms: Herbert Smith Freehills (NEXTDC Limited); Gilbert + Tobin (Macquarie Capital Limited)

Deal: NEXTDC Limited launched a $120 million fully underwritten equity raising.

Value: $120 million

Area: Equity raising

Key players: The Herbert Smith Freehills team was led by partner Philippa Stone (pictured), with assistance from solicitors Hayden Guthrie and Tom Hambrett.

Deal significance: NEXTDC Limited launched its $120 million fully underwritten equity raising, which was announced to the ASX on 23 November.

The offer consists of a $50 million placement to institutional investors at $2.55 per share (Placement) and a 1 for 6.23 accelerated non-renounceable pro-rata entitlement offer (ANREO) at $2.25 per share.

The offer is being underwritten by Macquarie Capital (Australia) Limited.

The proceeds from the offer, together with NEXTDC’s current cash reserves, undrawn secured debt facility and ongoing operating cash flow, is expected to provide NEXTDC with adequate funds to complete the initial investment in new data centre facilities planned in Brisbane and Melbourne and further large customer opportunities.

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