Allens helps clients raise more than $4bn capital

Allens capital markets team has worked closely with multiple longstanding clients in recent weeks on transactions that have raised more than $4 billion capital.

Tony Zhang • 01 May 2020 • Big Law

Firms: Allens (clients)

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Deal: Since the beginning of April, Allens has advised:

IDP Education on its $240 million placement and share purchase plan;
Reece on its $600 million placement, accelerated renounceable entitlement offer and share purchase plan;
Oil Search on its $1.16 billion placement and accelerated renounceable entitlement offer;
G8 Education on its $301 million placement and accelerated renounceable entitlement offer;
UBS and Macquarie as the underwriters of Flight Centre’s $701 million placement and accelerated renounceable entitlement offer;
QBE on its $1.2 billion placement and share purchase plan; and
Bapcor on its $180 million placement and share purchase plan.

Value: $4 billion.

Area: Capital raise, private equity.

Key players: The Allens core team includes partners Robert Pick, Julian Donnan, Richard Kriedemann, Chelsey Drake and Stuart McCulloch.

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They were assisted by senior associates Addison Ma, Adrian Amer, Patrick McGregor, Tom Hall, along with associates Nick Twomey , Elise Blume, Lisa Gao, Natasha Ng, Aidan Shanley, Keenan Chiu, Jewel Zhu, Dixon Song, John Jacob and lawyer Jack Baldwin.

Deal significance: “In this period of uncertainty, we value the opportunity to help our longstanding clients raise equity that will assist them to move through the current disruptions to their businesses and be in the best position to thrive when economic conditions improve,” said partner Mr Pick, the Melbourne-based co-head of the Allens’ capital markets team.

Partner Mr Donnan, the Sydney-based co-head of the Allens’ capital markets team, added: “While capital raisings remain beholden to market conditions and investor appetite, the Australian regulatory environment – including the recent temporary changes introduced by ASIC and ASX – continues to facilitate an effective environment for ASX-listed issuers to raise capital quickly, efficiently and with certainty.”

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