King & Wood Mallesons has acted on Ten Network Holding Ltd’s (TEN) approximately $230 million accelerated non-renounceable entitlement offer.
The proceeds from the offer will be used to materially strengthen the company’s balance sheet by reducing existing debt, as well as funding restructuring costs and providing general working capital.
King & Wood Mallesons acted for lead manager, Citigroup Global Markets Australia Pty Limited (Citigroup).
The King & Wood Mallesons team was led by M&A partners David Friedlander and David Eliakim, who were supported by solicitors Amanda Isouard and Apoorva Suryaprakash.
David Friedlander said: “In a challenging environment for media companies, we are pleased to have worked with Citigroup to deliver an outcome for TEN which will add further strength to its underlying financial position.”
This is the second capital raising for TEN on which King & Wood Mallesons has advised, acting for Citigroup as lead manager of TEN’s $200 million accelerated renounceable entitlement offer, which was announced in June.
