Freehills has advised Lend Lease on its $806 million entitlements offer.
The offer is being conducted as a SAREO (single bookbuild accelerated renounceable entitlement offer), with institutions participating on an accelerated basis ahead of the retail offer. Any shortfall will be dealt with by way of a single bookbuild after the close of the retail offer.
Freehills partner Justin O’Farrell led the team advising Lend Lease and worked closely with senior associate Robert Bileckij and solicitors Wendy Ko and Jamie Stollery.
The ‘low doc‘ deal was put together in an intensive time frame following Lend Lease’s success on a string of acquisitions and major developments, such as the $6 billion Barangaroo development, on which Freehills is also acting.
Freehills lead partner Justin O’Farrell said, ‘Since Steve McCann’s appointment as CEO last year, Lend Lease’s success rate on projects has been phenomenal, and this raising should further assist.’
O’Farrell also acted on the Lend Lease stapling deal late last year and on the launch of its new Lend Lease Real Estate Partners 3 fund, which is preferred bidder for a portion of the ING Real Estate portfolio.
‘Lend Lease is very active and has built up a great momentum. It’s exciting to be involved.’
The Freehills team worked closely on the deal with Lend Lease General Counsel, William Hara. ‘William’s no-nonsense and professional approach are a pleasure to deal with’, O’Farrell concluded.
The deal continues Freehills pre-eminent involvement over the past few years in the equity capital markets space. Freehills equity capital markets team was top ranked in Australasia according to the 2009 Bloomberg IPO and Hybrid League Tables, advising on the most number of transactions to the highest value. The team has also advised on the innovative and award-winning Santos A$3 billion capital raising.
The underwriters to the rights offer are Royal Bank of Scotland and Merrill Lynch.
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