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G+T advise on funding for strategic infrastructure acquisition
Gilbert + Tobin is pleased to have advised Credit Suisse and UBS, the underwriters of Speedcast International Limited’s $295 million entitlement offer.
In a move that strengthens the global satellite communications provider’s position supplying the energy and maritime industry, Speedcast has entered into an agreement to acquire Harris Corporation’s commercial business, Harris CapRock, in a cash transaction valued at US$425 million.
The acquisition will be funded via a A$295M accelerated renounceable entitlement offer which is fully underwritten by Credit Suisse and UBS, with the balance to be funded by a fully-underwritten syndicated debt facility.
Partner Adam D’Andreti is delighted to have worked with the Credit Suisse and UBS teams on this strategically significant transaction.
“Our past experience on major acquisition-related equity fundraisings was invaluable in advising the underwriters on the diligence and transactional structure. We are pleased to have been part of the team who assisted Speedcast on this transformative acquisition and entitlement offer which has resulted in a step-change in Speedcast’s market capitalisation.
“This is one of a number of market leading equity raisings the G+T team has assisted on recently, and I’m proud of the depth of our team, without which this wouldn’t have been possible.”
The transaction is subject to regulatory review and other customary closing conditions and is expected to close in the first calendar quarter of 2017.
Gilbert + Tobin is ranked Band 1 in Corporate/M&A, Equity Capital Markets and Private Equity in Chambers Asia Pacific 2016, as one of only three Australian law firms to be ranked top tier in all three categories. The team is consistently regarded by many as the firm of choice on these matters.