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King & Wood Mallesons has advised Super Retail Group on its $203 million raising.
Firms: King & Wood Mallesons (Super Retail).
Value: $203 million.
Area: Capital raise.
Key players: The KWM team advising on the transaction was led by partners, Rhys Casey and Joseph Muraca, special counsel Amanda Isouard, senior associate Matt McKeown and solicitors Gemma McMahon and Tom Gilbert.
Deal significance: The company, which owns and operates the Supercheap Auto, Rebel, Macpac and BCF retail chains, is issuing approximately 28.2 million new shares to raise $203 million at a fixed price of $7.19 a share.
Super Retail Group CEO Anthony Heraghty said he was pleased with the company’s trading performance during COVID-19, adding that it is well positioned to take advantage of shifts in consumer behaviour observed during the pandemic.
The company attributed the strong performance to its recent investment in its omni-retail platform and supply chain, which enabled it to meet the significant shift to online and click-and-collect purchasing. It also repurposed costs to areas of high activity to meet demand.
“We are very pleased to assist our valued and [longstanding] client Super Retail Group on this important raising, which will enable the continued execution of its strategy and the pursuit of strategic growth initiatives,” Mr Casey commented.
“It has been a huge effort, with exceptional collaboration between Super Retail Group and KWM’s teams in Melbourne, Sydney and Brisbane, all working remotely in the middle of a pandemic.”
KWM has advised a range of other ASX and NZX-listed clients on capital raisings during COVID-19, including NAB, Incitec Pivot, Flight Centre, Macquarie, Charter Hall Retail REIT, Atlas Arteria, oOh!media, Iress and Auckland Airport. KWM also advised the lead managers on the Lendlease, Oil Search, Credit Corp, Megaport and Australian Finance Group capital raisings during this time.
The cumulative total of funds raised under the firm’s guidance since 22 March 2020 is approximately $12.6 billion.
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Tony Zhang
