King & Wood Mallesons (KWM) has acted on Sydney Airport's pro rata accelerated renounceable entitlement offer (with retail rights trading) to raise approximately $2 billion. This is the second largest capital raising during the COVID-19 crisis, with the largest being for National Australia Bank (NAB), on which KWM also acted. KWM has acted on the majority of the top 10 largest secondary capital raisings during the COVID-19 crisis to date. The cumulative total of funds raised under the firm's guidance since 22 March 2020 is approximately $15.8 billion.
The KWM team advising the lead manager on the transaction was led by partner David Friedlander, special counsel Amanda Isouard and solicitor Jaspreet Nagra.
Commenting on the transaction, David Friedlander said: "We were delighted to work with the lead manager on this important capital raising for Sydney Airport. This is our fifth COVID-19 equity raising for a major travel industry player, all of which have tapped the market for enough to see them through this difficult period for the industry."
Amanda Isouard added that: "KWM has appreciated the opportunity to work with many of its clients on capital raisings during these extraordinary and challenging times. KWM acted on a large number of capital raisings during the GFC and has drawn on that invaluable experience when working on capital raisings during the COVID-19 crisis."
KWM has advised a range of ASX and NZX listed clients on capital raisings during the COVID-19 crisis, including:
- NAB: ~$4.25 billion placement & SPP (issuer)
- Sydney Airport: ~$2 billion entitlement offer (lead manager)
- Qantas: ~$1.43 billion placement & SPP (issuer)
- Vicinity: ~$1.23 billion placement & SPP (major shareholder)
- Auckland Airport: ~NZ$1.2 billion placement & SPP (issuer – Aus counsel role)
- Lendlease: ~$1.15 billion placement & SPP (lead managers)
- Oil Search: ~$1.08 billion entitlement offer & placement (lead managers)
- Flight Centre: ~$700 million entitlement offer & placement (issuer)
- Incitec Pivot: ~$675 million placement & SPP (issuer)
- Atlas Arteria: ~$425 million placement & SPP (issuer)
- Macquarie: ~$400 million capital notes offer (issuer)
- Charter Hall Retail REIT: ~$300 million placement & SPP (issuer)
- Super Retail Group: ~$203 million entitlement offer (issuer)
- Iress: ~$175 million placement & SPP (issuer)
- oOh!media: ~$167 million entitlement offer & SPP (issuer)
- Webjet: ~€100 million convertible note (lead manager – Aus counsel role)
- Credit Corp: ~$150 million placement & SPP (lead manager)
- Megaport: ~$65 million placement & SPP (lead managers)
- Australian Finance Group: ~$60 million entitlement offer & placement (lead manager)
This large market share continues KWM's ongoing success in the ECM space. The KWM ECM team has worked on both of the largest placements and the largest ever entitlement offer in Australian corporate history. KWM has also advised on a significant number of the $1 billion-plus secondary capital raisings in Australian corporate history.
