G+T advises on $400mn capital raising

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Gilbert + Tobin advised Credit Suisse and UBS on their $400 million debt and equity capital raising for APN to take full control of Adshel.
 
The Gilbert + Tobin team advising on the equity transaction was led by partner Adam D’Andreti and assisted by lawyers Lucy Hall and Olivia Blakiston.  Partner John Schembri led the Gilbert + Tobin team advising on the debt bridging facility and was assisted by Robert Trowbridge and James Kim.
 
The equity transaction has been structured in two tranches, to enable APN to acquire the remaining 50% stake in Adshel on the date of announcement.
 
The first tranche, involved a direct issue of shares to UBS on 25 October which were then on-sold via an institutional book build.  The second tranche involved a fully underwritten institutional placement and an accelerated rights issue.
 
Credit Suisse and UBS also provided a debt bridging facility to cover the balance of the purchase price.
 
Partner Adam D’Andreti believes the combination of his team’s considerable capital markets and regulatory expertise and existing relationships with investment banks enabled the team to execute the transaction with an efficient and market-leading approach.
 
“This was a technically challenging transaction in a lot of ways and we are very pleased to have helped Credit Suisse and UBS help APN achieve this important milestone,” says lead partner Adam D’Andreti.
 
“Considering the tight timeframe, we were able to develop a novel offer structure which met the needs of APN’s commercial demands,” he adds.

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