find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Five firms act on capital raising for oil and gas company

Five firms act on capital raising for oil and gas company

Piper Alderman, Sidley Austin, King & Wood Mallesons, Linklaters and Skadden Arps, Slate Meagher & Flom have advised on a capital raising for Beach Energy.

Firms: Piper Alderman and Sidley Austin (Beach Energy), King & Wood Mallesons (Joint bookrunners for the convertible notes offer, and underwriters for the equity offer), Linklaters (Joint bookrunners on the offshore elements), Skadden Arps, Slate Meagher & Flom (Joint bookrunners and joint underwriters on US law aspects)

Deal: Combined capital raising - Beach Energy’s non-renounceable entitlement offer and issue of convertible notes

Area: Corporate

Value: $345 million

Key players: The KWM team was led by partners John Sullivan and Shannon Finch (pictured). It included partner Ken Astridge, senior associate Paul Mayson and solicitors Laura Steinke and Daiwei Shi.

Deal significance: Beach Energy is an ASX-listed oil and gas company focused on the Cooper Basin. It has an aggressive growth strategy and this transaction will support their aspirations to move into new markets such as Tanzania and Egypt. The deal structure involved fully underwritten one-for-eight pro-rata accelerated non-renounceable entitlement offer, at $1.40 a share, to raise $195m with a parallel $150m offer of senior, unsecured convertible notes which are primarily being offered in Asian markets such as Hong Kong and Singapore. “This was an interesting combination of capital raising structures, with a rights offer and institutional convertible bond issue run simultaneously. This is something we haven’t seen in the market for some time. It allows the issuer to broaden and diversify its funding base, as the offers target different groups of investors,” said Finch. Sullivan said the deal was also “good news for corporate bond markets”. “It is the first Singapore listed convertible by an Australian issuer for some time, and it has been well received by offshore investors,” he said.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Five firms act on capital raising for oil and gas company
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...