Herbert Smith Freehills is advising Ten Network Holdings Limited (TEN) on its A$230 million underwritten pro rata accelerated non-renounceable entitlement offer, announced today.
Most of the proceeds from the entitlement offer will be used to repay TEN’s US$125 million (swapped into A$210 million) US Private Placement facility due in March 2013, with the remaining proceeds used to fund restructuring costs and fund working capital for general purposes.
The Herbert Smith Freehills team was led by partner Philippa Stone and senior associates Philip Hart and Lucy Hall. Solicitors Katherine Hensby and Charlotte Cameron were members of the transaction team and corporate partner Fiona Gardiner-Hill also assisted.
Herbert Smith Freehills partner Ms Stone said: “We are delighted to have been able to assist TEN, who are a valued client, with this transaction.”
Herbert Smith Freehills’ Australian capital markets team has recently acted for Commonwealth Bank of Australia on its $2 billion offer of PERLS VI (and concurrent PERLS IV buy-back and Reinvestment Offer), for Bendigo and Adelaide Bank on its $269 million issue of Convertible Preference Shares and concurrent Reset Preference Share Reinvestment Offer, for Citi as sole lead manager and bookrunner on Woolworth’s property demerger and associated capital raising and for Macquarie as sole lead manager and bookrunner on Goodman Group’s recent $400 million capital raising.
Earlier this year the Herbert Smith Freehills’ capital markets team also acted for the joint lead managers on Westpac Banking Corporation’s $1.5 billion offer of Tier 2 Westpac Subordinated Notes, for the joint lead managers on ANZ’s $1.5 billion offer of ANZ Subordinated Notes, for Colonial on its $1 billion offer of subordinated notes, for the joint lead managers on IAG’s $377 million offer of convertible preference shares, Ten Network Holdings Limited on its $200 million entitlement offer and for AGL Energy Limited on its $900 million entitlement offer and $650 million subordinated notes offer.
