Freehills advises UBS AG on Challenger raising

Deal Summary: Freehills is advising UBS

Lawyers Weekly • 10 August 2009 • Big Law

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Deal Summary:

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Freehills is advising UBS AG, Australia Branch on their underwriting of Challenger Diversified Property Group's (Challenger) announced capital raising of approximately $130 million.

The raising will take place by an accelerated 'low doc' 4 for 7 non-renounceable entitlement offer to existing institutional and retail securityholders at $0.40 per stapled security.

Challenger Financial Services Group, Challenger's largest securityholder, has committed to take-up its full entitlement, and participate in sub-underwriting the offer.

Key players:

The Freehills team is partner Tony Sparks (pictured), senior associate Daniel Scotti and solicitors Carl Hornigold and Jeremy Chew.

Commentary:

Freehills partner Tony Sparks said, "The deal highlights yet another example of a significant shareholder supporting a capital raising."

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