Freehills recently advised the Australian Infrastructure Fund (AIF), on its $70 million ‘jumbo’ issue of ‘stapled securities’ to retail and institutional investors. The capital was raised to enable AIF to increase its investment in Melbourne Airport through an acquisition from AMP.
The issue was priced via a so called ‘book build’, in which AIF’s current institutional investors and new investors bid for participation in a placement and the institutional component of a 1 for 4 entitlement issue. This was in order to satisfy both the current institutional holders’ appetite and place any residual securities. The 1 for 4 renounceable entitlement issue was then extended to retail security holders under a prospectus, which also facilitated a public offer of securities to the extent that demand from existing retail investors was less than $30 million. AIF is a stapled security entity, comprising shares in a company and units in a trust, both managed by Hastings Funds Management. AIF invests predominantly in Australian transport infrastructure assets, including airports, ports and toll roads.
The Freehills team was led by partner Robert Nicholson and included partner Luke Gannon, solicitor Amy Goble and articled clerk Tim Slattery.
Linklaters has advised Retail Estates NV, a Belgian listed real estate investment trust in its acquisition of the majority of all listed real estate certificates issued by Wickes Land Development NV, as well as all shares issued by the latter. This was followed by a public offer on all remaining listed real estate certificates not held by the Leasinvest Group. Pascal Vanden Borre led the Linklaters team in Antwerp. Wickes Land Development was advised in-house.
Pillsbury Winthrop represented Synnex Corporation in its US$78.3 ($100) million initial public offering (including shares offered by the selling stockholder) and listing on the New York Stock Exchange. The underwriters on the transaction were Bear, Stearns & Co. Inc., Banc of America Securities LLC and Raymond James. Synnex Corporation is a global information technology supply chain services company based in California.
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