REGIONAL radio and television operator Macquarie Media Group has announced plans to raise $294 million to reduce debt.
Mallesons Stephen Jaques has acted for Macquarie Capital Advisers and RBS Equity Capital Markets as underwriters for the entitlement offer to raise the funds.
The firm is advising the Macquarie Capital Group in relation to the newly announced internalisation and corporatisation of MMG, in a $40.5 million deal that will see it cut ties with parent Macquarie Group Ltd, which is now subject to future security holder approval.
“We are confident that these series of initiates will transform MMG into a simpler, independent, and appropriately capitalised Australian-focused media company,” chairman of MMG’s independent board committee Leon Pastemak said in the statement to the Australian Stock Exchange.
Mallesons’ various roles on the deal have given it the opportunity to act on the second single bookbuild Accelerated Renounceable Entitlement Offer.
Partners Susan Hilliard and Greg Golding led the Mallesons team advising Macquarie Capital Group on the internalisation, assisted by senior associate Jennifer Cho and solicitor Mark Bryant.
The proceeds of the fundraising will go towards cutting debt in Macquarie Southern Cross Media Pty Ltd and MMG, the media company said.