Herbert Smith Freehills is delighted to have advised WorleyParsons Limited (WorleyParsons) on its A$322 million underwritten 1 for 10 pro rata, accelerated non-renounceable entitlement offer of shares in WorleyParsons (Shares), announced to the ASX on 9 October 2017 (Offer).The Offer consists of an accelerated institutional rights issue and a retail rights issue, at an issue price of A$13.00 per new Share.
The proceeds from the Offer will be used by WorleyParsons to fund its acquisition of AFW UK Oil & Gas Limited, a leading world class maintenance, modifications and operations (MMO) service provider in the United Kingdom oil and gas sector (Acquisition). The balance of the Acquisition costs will be funded through WorleyParsons’ existing debt facilities.
The Herbert Smith Freehills Australian Capital Markets team was led by partner Philippa Stone, assisted by solicitors Ben Robinson, Christian Bourke, Elizabeth Cameron and Lucinda Bradshaw.
Herbert Smith Freehills also advised WorleyParsons on the extension of the Offer to certain shareholders in the United States. The Herbert Smith Freehills US Capital Markets team was led by partner Siddhartha Sivaramakrishnan, assisted by senior associate Jin Kong.
Philippa Stone said: “Herbert Smith Freehills is delighted to have advised our valued and longstanding client WorleyParsons on this important transaction, including the extension of the Offer into the United States, having previously advised WorleyParsons on its initial public offering in 2002 and subsequent capital raisings in 2004 and 2007 and WorleyParsons’ successful takeover of Evans & Peck in 2009.”
“WorleyParsons continues to execute on its strategic growth objectives and this landmark transaction expands its presence in the United Kingdom North Sea market and accelerates WorleyParsons’ strategy to build a global MMO business. We look forward to continuing to work with WorleyParsons in the future.”
The Offer is underwritten by UBS AG, Australia Branch, who were advised by King & Wood Mallesons.