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Kathmandu completes multimillion-dollar capital raising

Several firms have advised on a deal that saw Kathmandu Holdings Limited undertake a trans-Tasman capital raising worth NZ$40 million.

user iconEmma Musgrave 26 March 2018 Big Law
multimillion-dollar capital raising
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Firms: Gadens (Kathmandu Holdings Limited); Chapman Tripp (Kathmandu Holdings Limited); Herbert Smith Freehills (Goldman Sachs Australia Pty Ltd); Ben Gully (Goldman Sachs Australia Pty Ltd).

Deal: Kathmandu Holdings Limited (Kathmandu) has been advised on its underwritten placement of 18.5 million fully paid ordinary shares to institutional and sophisticated investors.

Value: NZ$40 million (37.4 million)

Area: Corporate, finance

Key players: The Gadens legal team comprised partners Jeremy Smith and Michael Kenny, and senior associate Winnie Sinn. The three advised on the Australian aspects of the capital raise.

Meanwhile, Chapman Tripp partners Roger Wallis and Fiona Bennett, and senior associate Nick Letham, advised Kathmandu on the placement and share purchase plan (SPP) from a New Zealand law perspective.

Deal significance: According to a statement from Gadens, the placement will be followed by a non-underwritten SPP to raise up to approximately NZ$8 million, with the ability for Kathmandu to accept up to a further NZ$2 million in oversubscriptions.

“The issue price for shares under the placement and SPP is NZ$2.16, representing a 10.0 per cent discount to the last closing price on the NZX of NZ$2.40 on 19 March 2018,” the statement said.

“The capital raise will be applied towards Kathmandu's acquisition of American outdoor footwear company Obōz Footwear LLC.”

Goldman Sachs Australia Pty Ltd acted as lead manager and underwriter of the placement.

Emma Musgrave

Emma Musgrave

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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