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Dalrymple Bay Infrastructure completes billion-dollar IPO
Herbert Smith Freehills has advised Dalrymple Bay Infrastructure Limited on its initial public offering worth over $1 billion.
Emma Musgrave
Firm: Herbert Smith Freehills (Dalrymple Bay Infrastructure Limited).
Value: The IPO is priced at A$2.57 per stapled security, raising $1.286 billion.
Area: Equity capital markets.
Key players: The team who advised Dalrymple Bay Infrastructure was led by partners Philippa Stone, Sian Newnham and Melissa Swain-Tonkin, who co-ordinated lawyers from across the firm’s practice groups.
The cross-practice team advising on the deal included partners Adam Strauss and Nicole Pedler, special counsel Rob Finlay, consultant James Graham, senior associates Alex Mackinnon, Lauren Selby and Nick Alexander and solicitors Emily Reyher, Lucinda Grant, Barry Wang, Eloise O’Brien, Shananne Joyce, Jessica Palazzolo, Louis Jennings, Joseph Swaysland, Henry Meehan, Madeleine Ryan and James Rigby.
Partners Melita Cottrell, Erin Wakelin and Patrick Lowden, senior associate Arnica Mullins and solicitors Jason Lu and Katherine Duong acted on financing aspects.
Partner Jinny Chaimungkalanont, consultant Richard Giannone and senior associate Danielle Rostirolla assisted from the firm’s stamp duty practice.
The firm’s US securities law team acted on the US element of the IPO, with the US deal team led by partner Siddhartha Sivaramakrishnan and consultant Elizabeth Bramon, according to a statement from the firm.
Deal significance: Dalrymple Bay Infrastructure is described by HSF as an Australian infrastructure company that holds the 99-year lease (including options) of the Dalrymple Bay Terminal (DBT). The firm’s statement noted it is the world’s largest export metallurgical coal facility and provides a critical link in the global steelmaking supply chain.
“This was a large and complex IPO of export infrastructure, which is vital to the regional and national economy and generates strong regulated revenues,” Ms Stone added.
“We are delighted to have been associated with this important project for a valued client.”
Commenting further, Ms Newnham said: “We are very pleased to have assisted DBI on this important transaction. We look forward to continuing our relationship with DBI as it commences its life as an ASX-listed company.”
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.
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