Ashurst has advised underwriters, CBA Equities, Goldman Sachs, J.P. Morgan and UBS, in Seven West Media Limited’s (SWM) A$440 million accelerated, renounceable pro-rata entitlement offer announced on 16 July 2012.
SWM’s two largest shareholders, Seven Group Holdings Limited (through its subsidiaries) and KKR have committed to take up their full entitlement and the remainder of the entitlement offer is underwritten. The proceeds of this offer will be primarily used to pay down debt.
According to Ashurst lead partner on this matter Sarah Dulhunty: “We were pleased to be able to assist CBA Equities, Goldman Sachs, J.P. Morgan and UBS bring the raising to fruition in such a short time frame after a considerable period of speculation about a capital raising for SWM.
“The capital raising was important to alleviate the market’s concerns around SWM’s debt levels so the focus could return to the performance of the underlying business.”
Other Ashurst team members who worked on this matter included Sarah de Flamingh, Stuart Dullard and Matt Sparks.
