Allens Arthur Robinson is advising Leighton Holdings Limited on its equity capital raising.
Announced on 11 April, the raising is a fully underwritten one-for-nine pro-rata accelerated renounceable entitlement offer of new Leighton ordinary shares at an offer price of $22.50 per new share to raise approximately $757 million.
The proceeds from the entitlement offer will be used to strengthen Leighton's balance sheet; provide financial flexibility to pursue growth opportunities; and support investment grade credit rating metrics.
Partners Ewen Crouch, Andrew Finch and Vijay Cugati coordinated the Allens team that worked under tight deadlines to get the entitlement offer to market within a week.
"Allens worked very closely with Leighton's senior management team, who were able to confirm the positive outlook and solid fundamentals of the underlying Leighton businesses, enabling the offer to be fully underwritten," said Finch.
Andrew Wong (Senior Associate - Sydney), Eve Regnard (Senior Associate - Sydney), Zoe Green (Senior Associate - Sydney), Alex Borda (Lawyer - Sydney), Caspar Conde (Lawyer - Sydney), Morgan Phelan (Lawyer - Sydney), Michael Forster (Law Graduate - Sydney) and David Allen (Law Graduate - Sydney) also worked on the deal.
Blake Dawson is acting for HOCHTIEF Australia Holdings Limited, Leighton's largest shareholder holding 54.1 per cent voting power. Freehills is acting for sole lead managers and underwriters UBS AG, Australia branch.