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Virgin Australia to raise $852m

Virgin Australia to raise $852m

David Friedlander, King & Wood Mallesons

Two firms advised on Virgin Australia’s entitlement offer of new ordinary shares to its shareholders.

Firms: Clayton Utz (Virgin Australia Holdings Limited); King & Wood Mallesons (UBS AG, Australia Branch)

Deal: Virgin Australia made a traditional, one for one non-renounceable pro-rata entitlement offer.

Value: $852 million

Area: Equity raising

Key players: The KWM team was led by M&A partners David Friedlander (pictured left) and Evie Bruce (pictured right), who were supported by senior associate Amanda Isouard and solicitor Anna Chen.

The team from Clayton Utz was headed up by partner Rory Moriarty, the national practice group leader of the corporate team, with the support of director of strategic corporate and M&A Rod Halstead and partner Stuart Byrne.

Deal significance: Virgin Australia Holdings Limited’s (Virgin Australia) proposed a traditional, one for one non-renounceable pro-rata entitlement offer of new ordinary shares to its shareholders.

UBS AG, Australia Branch, was the sole lead manager and underwriter.

The offer is announced together with the launch of Virgin Australia’s Efficiency Initiatives Program and is intended to raise approximately $852 million.

Singapore Airlines, HNA Innovation, Virgin Group, Nanshan Group and Air New Zealand have made binding commitments to take up their pro-rata entitlements and Singapore Airlines, HNA Innovation and Virgin Group have also made binding commitments to contribute to the sub-underwriting of entitlements not taken up by other shareholders.

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