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Allens has advised Vicinity Centres on its $1.4 billion capital raising.
Firms: Allens (Vicinity Centres)
Vicinity is the second-largest listed manager of Australian retail property, with a fully integrated asset management platform and retail assets under management across 64 shopping centres around Australia.
Value: $1.4 billion.
Area: Banking and finance, capital raise.
Key players: Allens partner and co-head of equity capital markets Robert Pick, led the Allens team on the matter along with Melbourne partner Craig Henderson.
Deal Significance: The capital raising comprises a fully underwritten $1.2 billion placement and a securities purchase plan targeting to raise up to $200 million, and the proceeds will be used to reduce debt and strengthen Vicinity’s balance sheet.
Vicinity was able to utilise the increased 25 per cent placement capacity provided by the ASX’s temporary class waiver of listing rule 7.1.
“We are very pleased to have had the opportunity to work with Vicinity on this important capital raising, which provides Vicinity with balance sheet strength and flexibility to respond to the uncertainty caused by COVID-19 and the evolving retail landscape,” Mr Pick said.
Since the beginning of April, the Allens equity capital markets team has advised on capital raisings that have raised more than $11.5 billion.
“We really appreciate the chance to work side by side with our long-standing clients, to assist them to raise capital in these uncertain times,” Mr Pick said.
“Enhanced by the recent temporary regulatory reforms from ASX, this period has again shown that the Australian market is a highly efficient market for issuers to raise equity with certainty.”
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Tony Zhang
