King & Wood Mallesons advises AACo on $299m capital raising

King & Wood Mallesons has advised Australian Agricultural Company (AACo) on its $299m capital raising announced on 12 September 2013.

The capital raising comprised a $219m fully underwritten accelerated non-renounceable pro-rata entitlement offer and the placement of subordinated convertible notes to raise a further $80m.

The proceeds of the capital raising will be used to fund construction of the company’s Darwin Abattoir, reduce net debt and position the company to execute its vertical integration strategy.

King & Wood Mallesons’ corporate and equity capital markets team was led by Stefan Luke (Brisbane, M&A) and David Friedlander (Sydney, M&A) together with senior associates Rhys Casey and Amanda Isouard and solicitor Steve Mylonas. Ken Astridge and Jung Ma assisted on the convertible note terms.