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Developer eyes growth corridors with $80m financing
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Developer eyes growth corridors with $80m financing

Three new capital management initiatives will give a residential property developer greater capacity to make strategic land purchases.

Firms: Allens (Villa World Ltd); King & Wood Mallesons (ANZ, Evans and Partners and Morgans); Jones Day (Morgans)

Deal: Villa World Ltd (Villa World) has sought three capital management initiatives in a bid to diversify funding.

Value: $80 million

Area: Finance

Key players: The Allens team advising Villa World was led by partners James Darcy and Julian Donnan. They were assisted by partners Stuart McCulloch and Karla Fraser, senior associates Addison Ma and Jacinta Dyer, as well as solicitors Melanie Hayden and Jess O’Sullivan.

Deal significance: Villa World is an ASX-listed residential property developer. The company has recently undertaken three capital management initiatives, that it says will contribute to strategic land purchases in promising growth corridors.

According to Allens, who advised Villa World on the transactions, one of the initiatives is a $50 million simple corporate bond offer, which is the third to have taken place since new laws were introduced in Australia three years ago.

James Darcy, one of the lead partners for the deal, said the transaction demonstrates the availability of the simple corporate bond structure for listed companies on a growth and funding diversification trajectory.

“We were delighted to support Villa World to achieve its funding diversification objectives through the issuance of a simple corporate bond,” Mr Darcy said.

The other two capital management initiatives are a $10 million share purchase plan and a fully underwritten $20 million equity placement.

“We look forward to seeing Villa World realise the benefits of the equity and debt raisings and move on to the next successful phase of their business,” joint lead partner Julian Donnan said.

The joint lead managers for the transactions were ANZ, Evans and Partners, and Morgans. Morgans was also the underwriter for the deals.

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