King & Wood Mallesons (KWM) is pleased to announce it has advised Incitec Pivot Limited (IPL) on its successful completion of a $600 million underwritten placement, together with a non-underwritten share purchase plan.
The proceeds of IPL's capital raising will be used to strengthen IPL's Balance Sheet, to increase resilience in the current environment and to provide financial flexibility to pursue disciplined organic growth opportunities.
King & Wood Mallesons' team was led by partners Will Heath and Diana Nicholson.
Commenting on the transaction, Will Heath said KWM was delighted to work once again with IPL and assist it in successfully completing the $600 million placement.
"Raising capital in the COVID-19 environment can be challenging. The success of IPL's equity raising is a clear endorsement of its businesses and long-term strategy."
"This capital raising was executed seamlessly by the IPL team and concurrently with IPL's Half Year Results."
On the capital raising environment, Mr Heath added: "COVID-19 has caused regulators to re-write the rule book for capital raisings. At KWM, we have consistently advocated on behalf of our clients for capital raising rules that are clear and balanced, and which do not hinder the efficient operation of capital markets."
Since COVID-19 raisings began in late March, KWM has assisted its clients raise approximately $9.4 billion in equity capital, nearly half of the $20 billion raised to date on ASX. KWM's ASX and NZX listed clients include IPL, NAB, Flight Centre, Macquarie, Charter Hall Retail REIT, oOh!media and Auckland Airport. KWM also advised the lead managers on the Lendlease, Oil Search, Credit Corp, Megaport and Australian Finance Group capital raisings during this time.
