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Boral raises $2.1bn for acquisition

Boral raises $2.1bn for acquisition

Philippa Stone, Herbert Smith Freehills

Multiple firms have advised on Boral’s $2.1 billion equity raising and related debt facility for its proposed acquisition of Headwaters Incorporated.

Firms: Herbert Smith Freehills, Alston & Bird, and Skadden, Arps, Slate, Meagher & Flom (Boral Limited); Clayton Utz (Citi, JP Morgan and Macquarie Capital)

Deal: Boral Limited completed a $2.1 billion equity raising and related debt facility for its proposed acquisition of Headwaters Incorporated.

Value: $2.1 billion

Area: Capital raising

Key players: The Herbert Smith Freehills team in relation to the offer was led by partner Philippa Stone (pictured), and included senior associates Jade Winterburn and Charlotte Cameron, and solicitors Victoria Mataczynski and Thomas Mawson.

The Herbert Smith Freehills team in relation to the debt facility was led by partner Justin Pelly and included senior associate Adam Jeffrey and graduate Michael Trent.

The Herbert Smith Freehills team in relation to the US securities law aspects of the transaction was led by partner Siddhartha Sivaramakrishnan and included senior associate Jin Kong.

The Clayton Utz team was led by corporate partner Stuart Byrne with lawyer Matt Bourke.

Deal significance: Boral Limited has completed a $2.1 billion equity raising and related debt facility for its proposed acquisition of Headwaters Incorporated.

The equity raising consisted of a $1.6 billion fully underwritten 1 for 2.22 renounceable pro-rata entitlement offer (with retail rights trading) and $450 million share placement, both announced to the ASX on 21 November 2016.

The joint lead managers were Citi, JP Morgan and Macquarie Capital.

The proceeds from the equity raising, as well as a committed bridge debt acquisition facility, will be used by Boral to part fund the proposed acquisition of NYSE-listed Headwaters Incorporated for US$24.25 per share, representing an aggregate enterprise value of approximately A$3.5 billion.

The acquisition will transform Boral, better positioning the Boral Group to deliver more sustainable growth and above cost of capital returns through market cycles.


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Boral raises $2.1bn for acquisition
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