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Herbert Smith Freehills is delighted to have advised NEXTDC Limited (NEXTDC) on its A$297 million fully underwritten institutional placement and non-underwritten share purchase plan, announced to the ASX on 17 April 2018 (Offer).

The institutional placement consists of a A$147 million general placement to institutional investors and a A$150 million cornerstone placement to UniSuper.

Due to strong demand, the final placement value increased by A$16 million and priced at A$6.81 per share (Placement Price), being a 5.6% premium to the underwritten floor price of A$6.43 per share. UniSuper has taken up its cornerstone placement at a 2.5% premium to the Placement Price.

The proceeds from the Offer are expected to provide NEXTDC with adequate funds to purchase three new commercial property sites for future data centre developments in Sydney, Melbourne and Perth.

The Herbert Smith Freehills team was led by partner Philippa Stone, who was supported by special counsel Rob Finlay and solicitors Michael Burrell, Elizabeth Cameron and Curtis Vella. Singapore partner Siddhartha Sivaramakrishnan and senior associate Jin Kong advised NEXTDC in relation to the US securities law aspects of the Offer

Ms Stone said, “We are delighted to have again advised NEXTDC on this successful transaction, having previously advised the company on its A$150 million ANREO entitlement offer and placement in September 2016 and its A$120 million ANREO entitlement offer and placement in November 2015.”

The Offer is being underwritten by Citigroup Global Markets Australia Pty Limited.