26 June 2020

KWM assists Qantas to raise up to ~$1.9 billion

King & Wood Mallesons (KWM) has advised Qantas Airways Limited (Qantas) on its institutional placement and share purchase plan targeted to raise up to approximately $1.9 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 capital raisings during the COVID-19 crisis to date.

The KWM team advising on the transaction was led by partners David Friedlander and Paul Schroder, special counsel Amanda Isouard and solicitors Gemma McMahon, Stephanie Rigg, Henry Sit and Jaspreet Nagra.

Commenting on the transaction, David said: “We were delighted to have worked with Qantas’ very high quality management team and to have assisted Australia’s national carrier on this landmark capital raising. We were also involved in Qantas’ previous capital raising in 2009, when we acted for the joint lead managers.”

Paul noted that: “We also acted for the issuers on the Flight Centre and Auckland Airport capital raisings earlier this year, which has helped cement the firm’s expertise in the aviation and travel industry space."

Amanda 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:  ~$3.5 billion placement & SPP (issuer)
  • Qantas:  ~$1.9 billion placement & SPP (issuer)
  • Vicinity:  ~$1.4 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: ~$170 million placement & SPP (issuer)
  • oOh!media:~$167 million entitlement offer & SPP (issuer)
  • 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)

The cumulative total of funds raised under the firm’s guidance since 22 March 2020 is approximately $14.5 billion. 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.

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