Mallesons Stephen Jaques is advising the underwriters of two significant capital raisings announced this week, with partner Dave Friedlander acting as lead partner on both transactions.
The larger of the two transactions is the Santos capital raising, valued at $3 billion dollars. Mallesons is advising Citigroup, Deutsche and JPMorgan on the capital raising for Australian oil and gas producer Santos.
Friedlander said the Santos capital raising stood out on its own merits, despite the significant volume of equity raisings already completed this year.
"Even Australia's extraordinary wall of equity raisings this year could not make you blasé about the achievement of Santos in successfully launching its $3 billion capital raising this week," he said. "The deal was well executed, well timed and highlighted the strength of its business and management team.
He said Freehills and Sidley Austin, for the company and Mallesons, and Sullivan & Cromwell, for the underwriters, had to get through "a lot of work" to bring this to market, but it was made easy by the company and the cooperation between the teams.
"Most importantly, the underwriting syndicate of Citigroup, Deutsche and JPMorgan was cohesive and effective in building a solid book of institutional demand and sub-underwriting for the retail tranche of the deal," said Friedlander.
Santos has announced a two-for-five accelerated pro-rata, non-renounceable entitlement offer at a price of A$12.50 per share. The offer comprises a fully underwritten institutional component, which will raise a minimum of A$1.65 billion and a non-underwritten retail component, which may raise up to A$1.35 billion.
The capital raised will be used to fund the Papua New Guinea LNG project and FUELS redemption.
It's been a busy period for Friedlander, who is also lead partner advising on the PacBrands $256m capital raising, advising underwriters UBS. "Hopefully our mums will forgive us all for being a little distracted on Mothers Day," he quipped.
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