Herbert Smith Freehills has advised Ramsay Health Care Limited (Ramsay Health Care) on its capital raising, comprising a fully underwritten A$1,200 million institutional placement and a non-underwritten share purchase plan to raise up to A$300 million.
Ramsay Health Care is a global health care company, with more than 50 years of experience in providing acute health care services. The company delivers a range of acute and primary healthcare services from 480 facilities across 11 countries, making it one of the largest and most diverse healthcare companies in the world.
The capital raising, together with Ramsay Health Care’s other capital management initiatives, are expected to enable it to strengthen Ramsay Health Care's balance sheet and increase financial flexibility in an uncertain operating environment.
The Herbert Smith Freehills team was led by partners Philippa Stone and Nicole Pedler, who were supported by senior associate Alexander Mackinnon, and solicitors Jennie Bian and Jessica Palazzolo. The firm's Australian team worked closely with Herbert Smith Freehills' US securities lawyers, including partner Siddhartha Sivaramakrishnan and senior associate Jin Kong.
Philippa Stone, co-head of Australian Equity Capital Markets, said, "We are delighted to have assisted Ramsay Health Care on this important milestone, which will strongly position the company for the future. The capital raising has been strongly supported by both institutional investors and retail shareholders through the Share Purchase Plan, and we are proud to have been involved."
Nicole Pedler said, "We are proud to have been involved in Ramsay Health Care's first equity capital raising since 2009. The success of the raise demonstrates that, despite the current uncertainty in market conditions, there is continued investor support for the right businesses."
J.P. Morgan Securities Australia Limited acted as underwriter to the placement.
This deal is another example of Herbert Smith Freehills’ market-leading work in ASX secondary raisings. Other recent examples include advising and acting for Newcrest Mining on its A$1 billion placement and A$100 million share purchase plan, Lendlease on its A$950 million placement and up to A$200 million share purchase plan, NEXTDC on its A$672 million placement and A$191 million share purchase plan, Orica on its A$500 million placement and A$17.3 million share purchase plan, proponents of a A$500 million PIPEs solution for Flight Centre, proponents of a recapitalisation solution for WebJet, Metcash on its A$300 million placement and A$30 million share purchase plan and Carbon Revolution on its A$25 million placement and A$3 million share purchase plan. The team also acted for the underwriters of G8 Education’s A$301 million placement and entitlement offer, Southern Cross Media’s A$169 million placement and entitlement offer, oOh!media’s A$167 million placement and entitlement offer, Monash IVF’s A$80 million placement and entitlement offer and Charter Hall Retail REIT’s A$275 million placement.