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Tritium advised on fresh capital package
Corrs Chambers Westgarth has advised the global developer and manufacturer on its new capital package.
Emma Musgrave
Firm: Corrs Chambers Westgarth (Tritium DCFC Limited)
Value: The new capital package comprises an increased US$150 million debt facility and a committed equity facility of up to US$75 million.
Area: Banking and finance
Key players: The Corrs Chambers Westgarth team was led by partners Clare Corke and Alexandra Feros and supported by special counsel Julie Myers and Annabel Doneley. The team worked closely with Latham & Watkins LLP as the US and UK legal advisers to Tritium.
Deal significance: Tritium is described as a global developer and manufacturer of direct current (DC) fast-charging technology for electric vehicles (EVs).
The entity listed on the Nasdaq in January this year — the first successful merger between an Australian company and a US special purpose acquisition company (SPAC), according to a statement from Corrs Chambers Westgarth.
“The new debt facility is provided by a syndicate of lenders comprising Cigna Investments Inc, Barings LLC and Riverstone Energy Limited funds, [which] have extended the existing US$90 million by $US60 million. The committed equity facility has been established with B. Riley Principal Capital I, LLC,” the firm said.
“The transaction will provide Tritium with a net injection of incremental capital of up to US$135 million to fund working capital, accelerate product development and to support Tritium’s operations and expansion around the world.”
Commenting further on the matter, Corrs lead partner Alexandra Feros said: “Having worked with Tritium for a number of years, including their SPAC merger and Nasdaq listing, it has been a pleasure advising the team on their new capital package. With increasing global demand for electric vehicles and Tritium’s DC technology, the capital will support their growth trajectory.”
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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