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NEXTDC raises $863m in capital
Herbert Smith Freehills has advised NEXTDC Limited on its $863 million capital raising.
Tony Zhang
Firms: Herbert Smith Freehills (NEXTDC)
Deal: Herbert Smith Freehills is proud to have advised NEXTDC Limited (NEXTDC) on its capital raising, comprising a fully underwritten $672 million institutional placement and $191 million non-underwritten share purchase plan (capital raising).
NEXTDC is an ASX 200-listed technology company and Asia’s most innovative Data Centre-as-a-Service provider.
Value: $863 million.
Area: Capital raise, private equity.
Key players: The Herbert Smith Freehills team was led by partners Philippa Stone and Philip Podzebenko, who were supported by senior associate Sally Qi and solicitors Michael Burrell and Jennie Bian.
The firm’s Australian team worked closely with Herbert Smith Freehills’ US securities lawyers, including partner Siddhartha Sivaramakrishnan and senior associate Jin Kong.
Deal significance: The funds from the capital raising will ensure NEXTDC is able to maintain its considerable momentum in pursuing growth opportunities, including the commencement of phase 1 of the proposed development of a new data centre in Sydney (S3).
The capital raising was also one of the first to rely on ASX’s “temporary extra placement capacity waiver”, which allowed NEXTDC to conduct the placement at an increased 25 per cent placement capacity.
Ms Stone, co-head of Australian equity capital markets said that the HSF team was delighted to have assisted NEXTDC in its capital raising, especially since it is one of the only growth-focused capital raisings in the current market.
“NEXTDC has been a valued client for many years, over a period of remarkable growth, and we are proud of our association with them,” she added.
Citigroup Global Markets Australia Pty Limited and Royal Bank of Canada acted as underwriters to the placement.
Recently Herbert Smith Freehills’ venture capital team had advised Different Technologies Pty Ltd (:Different) on its $7.1 million Series A capital raise.
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