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Aussie firms act on $325m equity raising

Aussie firms act on $325m equity raising


Global testing services provider ALS Limited has undertaken a $325 million equity raising.

Firms: Minter Ellison (ALS Limited); Sidley Austin (US counsel to ALS); Allens (Australian counsel to the underwriters); Skadden, Arps, Slate, Meagher & Flom (US counsel to JP Morgan and Morgans Corporate)

Deal: ALS Limited has undertaken a fully underwritten equity raising by way of an accelerated non-renounceable entitlement offer of new shares to existing shareholders.

Area: Banking and finance

Value: $325 million

Key players: Minter Ellison's Corporate M&A team was led by partners Gary Goldman and Daniel Scotti, with assistance from Stephen Knight (special counsel), Joel Farina (senior associate), Suzanne Marlow (associate), as well as Christina Ilinkovski and Meagan Ryan (lawyers).

Deal significance: ALS is an ASX100 company that provides testing services to the minerals and energy, life sciences and industrial sectors and employs more than 11,000 employees in seven countries.

The net proceeds of the equity raising will be used by ALS to strengthen its balance sheet (by reducing net leverage) and to finance potential growth opportunities in its Life Sciences Division.

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