Allens advised SpeedCast International Limited while G+T advised Credit Suisse and UBS, the underwriters of the offer.
The proceeds from the entitlement offer will be used by SpeedCast to partially fund the acquisition of Harris CapRock from Harris Corporation for US$425 ($560 million) in cash. Allens also advised SpeedCast on the Australian aspects of the acquisition.
The acquisition is funded by an accelerated renounceable entitlement offer which is fully underwritten by Credit Suisse and UBS, with the balance to be funded by a fully-underwritten syndicated debt facility.
The Allens team was led by SpeedCast relationship partner, Richard Kriedemann, and also included Partner and Co-Head of Allens' Equity Capital Markets team Robert Pick, Senior Associate Addison Ma, and Lawyer Melanie Hayden.
Meanwhile, partner Adam D’Andreti led the Gilbert + Tobin team and was assisted by senior lawyer Alastair Corrigall and associate Sean Meehan.
Commenting on the deal, Kriedemann says: “We are pleased to again work with the SpeedCast team on this transformational deal, following on from our recent work with the company in connection with their WINS acquisition in August.”
“The SpeedCast entitlement offer is another example of the strong support from equity market investors for M&A deals by ASX-listed companies,” Allens partner Pick adds. “We continue to see a strong pipeline of deals for our Equity Capital Markets practice for the next six to nine months.”
Meanwhile, G+T partner Adam D’Andreti is delighted to have worked with the Credit Suisse and UBS teams on this strategically significant transaction.
“Our past experience on major acquisition-related equity fundraisings was invaluable in advising the underwriters on the diligence and transactional structure. We are pleased to have been part of the team who assisted Speedcast on this transformative acquisition and entitlement offer which has resulted in a step-change in Speedcast’s market capitalisation,” D’Andreti says.
“This is one of a number of market leading equity raisings the G+T team has assisted on recently, and I’m proud of the depth of our team, without which this wouldn’t have been possible.”
The transaction is subject to regulatory review and other customary closing conditions and is expected to close in the first calendar quarter of 2017.
SpeedCast's Chief Executive Officer, Pierre-Jean Beylier, comments: “The acquisition of Harris CapRock is a transformational opportunity for SpeedCast. SpeedCast will become one of the largest purchasers of satellite capacity globally and create a diversified industry leader with a strong global network.”
G+T advises on $1.6bn dual-track process
Allens and Gilbert + Tobin advised in a $295 million entitlement offer that partially funds a major $560 million acquisition by a global satellite communications and network service provider.