Stay in the know
We’ll send you the latest insights and briefings tailored to your needs
Herbert Smith Freehills is delighted to be advising Spark Infrastructure Group (Spark) on its A$405 million fully underwritten 5 for 34 non-renounceable pro-rata offer of stapled securities comprised on loan notes and units in the Spark Infrastructure Trust (Stapled Securities), announced to the ASX on 25 November 2015 (the Entitlement Offer).
The Entitlement Offer consists of an accelerated institutional rights issue and a retail rights issue of Stapled Securities, at an issue price of A$1.88 per Stapled Security.
The proceeds from the Entitlement Offer, will be used by Spark to partially fund its share of the A$10.258 billion acquisition of the TransGrid high voltage electricity transmission network business from the New South Wales state government, on which Herbert Smith Freehills also advised. The acquisition is being made by a consortium comprised of:
The Herbert Smith Freehills team was led by partner Philippa Stone, and included partner Philip Podzebenko and solicitors Ben Robinson, Thomas Mawson and Victoria Mataczynski, and graduate Elizabeth Cameron.
Ms Stone said, “we are delighted to have acted for Spark on this significant transaction, and we look forward to continuing to work with our client in this exciting industry in the future.”
The Entitlement Offer is being underwritten by J.P. Morgan Australia Limited and Royal Bank of Canada.
Herbert Smith Freehills’ capital markets team has also recently acted for:
We’ll send you the latest insights and briefings tailored to your needs