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Mallesons/Clayton Utz advise on $294 million MMG capital raising

Mallesons/Clayton Utz advise on $294 million MMG capital raising

Mallesons Stephen Jaques and Clayton Utz have acted on the second single bookbuild accelerated pro rata renounceable entitlement offer.Mallesons advised Macquarie Capital Advisers and RBS Equity…

Mallesons Stephen Jaques and Clayton Utz have acted on the second single bookbuild accelerated pro rata renounceable entitlement offer.

Mallesons advised Macquarie Capital Advisers and RBS Equity Capital Markets as underwriters for the entitlement offer to raise $294 million for Macquarie Media Group (MMG), which was advised by Clayton Utz.

The capital raising, which was announced last Wednesday, comprised a one-for-one single bookbuild accelerated renounceable entitlement offer at $1.55 per stapled security.

Mallesons and Clayton Utz also advised the parties in relation to other proposed initiatives - an internationalisation and a corporatisation - which are subject to securityholder approval.

Specifically, the first proposal is for the internalisation of the management of MMG (rights which are currently held by Macquarie Group) for $40.5 million. The second is to simplify the corporate structure of MMG by converting it from a triple-stapled structure into a single holding company.

Leading the Mallesons team on the capital raising were David Friedlander and Shannon Finch, assisted by senior associate Joe Muraca and solicitor Avi Naidu. Meanwhile, partners Susan Hilliard and Greg Golding led the team advising on the internalisation, assisted by senior associate Jennifer Cho and solicitor Mark Bryant. The Clayton Utz team was headed up by partner Michael Parshall.

Mallesons was also involved in the first single bookbuild accelerated pro rate renounceable entitlement offer, which was announced last Monday. The team, headed up by partner Jason Watts, acted for CSR on its $375 million simultaneous accelerated renounceable entitlement offer.

Mallesons' Friedlander commented: "The Mallesons team was delighted to have the opportunity to work with three major underwriter clients this week on the first two single bookbuild offers in the market."

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