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Johns Lyng achieves capital raising
Integrated building services group Johns Lyng has been advised on its capital raising.
Naomi Neilson
Firm: MinterEllison (Johns Lyng)
Value: $187.5 million institutional placement and $42.5 million entitlement offer.
Area: Construction; capital raising.
Key players: The MinterEllison team was made up of transaction solutions partners Sudharshan Senathirajah and Bart Oude-Vrielink.
Deal significance: The entitlement offer comprised a 1 for 35.91 pro-rata accelerated non-renounceable offer at an issue price of $6.80 per share, which was a $0.20 discount to the institutional placement price of $7 per share. Funds raised will be used to pay for Johns Lyng’s US$144 million acquisition of Reconstruction Holdings, a leading provider of insurance-focused, vendor-managed repair services.
Funds from the capital raising will also ensure Johns Lyng remains financially flexible to fund its near-term growth initiatives.
Mr Senathirajah said: “We were delighted to support Johns Lyng on this capital raising and to assist them continue to grow and expand the insurance building and restoration services they offer across Australia and the United States.
“We’ve worked with Johns Lyng for a number of years – helping them list on the ASX several years ago. We’re delighted to support the team as they continue to attract interest and increase value for investors and other stakeholders.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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