Firm: Dentons (Ingenia Communities)
Deal: Ingenia Communities has been advised on the capital raising comprising an institutional placement and accelerated non-renounceable entitlement offer announced on 3 May 2017.
Value: $74 million
Key players: The Ingenia Communities legal team was led by Dentons’ partner Paul Brown, with assistance from senior associate Jane Kuo and solicitor Samantha Walker.
Deal significance: According to a statement from Dentons, the proceeds from this most recent capital raising will fund the expansion of Ingenia Communities’ lifestyle and holiday communities business through five acquisitions announced as part of the capital raising.
The institutional components of the capital raising were significantly oversubscribed with strong demand from both domestic and offshore investors.
The capital raising was fully underwritten by Morgans Corporate, Moelis Australia and Petra Capital (advised by Clifford Chance), the firm said.
Dentons partner Paul Brown said the firm was thrilled to advise Ingenia Communities on this significant capital raising.
“Dentons has been assisting Ingenia Communities with their expansion advising on five capital raisings ranging from institutional placements, accelerated entitlement offers, security purchase plans and distribution reinvestment plans,” Mr Brown said.
“Ingenia Communities are an outstanding operator and we are very pleased to have the opportunity to work with them as they continue to expand.”
Adding to this, Ingenia Communities CEO Simon Owen said: “We have partnered with Dentons for a number of years.”
“Their understanding of our business and the seniors living sector make Dentons a key advisor,” he said.
“They provide timely and commercial advice on our corporate matters and equity and debt structuring, and are a valued business partner.”