KWM advises Auckland Airport on NZ 1.2 billion institutional placement and SPP

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King & Wood Mallesons (KWM) supported Auckland Airport and Russell McVeagh, as Australian legal counsel, on Auckland Airport's NZ$1.2 billion institutional placement and share purchase plan.

Auckland Airport has announced its equity raising to reinforce its balance sheet and ensure it remains well capitalised during this period of strict border controls and significantly reduced passenger numbers, with the aim of being well positioned, post COVID-19.

The KWM team was led by partner David Friedlander who was assisted by special counsel Amanda Isouard, senior associate Jo Ruitenberg and solicitor Sandra Lou.

Commenting on the transaction, David Friedlander said: "We are very happy to assist Russell McVeagh and Auckland Airport with the capital raising during this challenging time. The airport is a piece of key global infrastructure and it is good to see it well supported. The offering straddles regulatory similarities in both jurisdictions and regulators facilitated the transaction in tight time frames."

KWM advised on a large number of capital raisings during the GFC and was able to draw on that invaluable experience to successfully complete this transaction. KWM also acted for the issuers on oOh!media Limited and Flight Centre's capital raisings, both of which were announced in the past few weeks.