News
Bell Gully advises Fisher & Paykel Appliances on equity raising
Bell Gully has advised Fisher & Paykel Appliances Holdings Limited on its fully underwritten $189 million equity raising, including the introduction of a new cornerstone shareholder, as well as the company's $575 million debt refinancing.
The $189 million equity raising will comprise an initial $46 million placement to global appliances manufacturer Haier and a $143 million fully underwritten pro-rata renounceable rights issue. Haier will take up its entitlement in full and will be a subunderwriter of the rights issue. After the rights issue, a further top up placement of up to $12 million will be made to Haier to bring its holding to 20 percent.
Fisher & Paykel Appliances and Haier have also entered into a Cooperation Agreement setting out the areas where the companies will work together for their mutual benefit.
Bell Gully partner Brynn Gilbertson, who led the rights issue component of the equity raising, says that Fisher & Paykel Appliances and its team of advisers worked together to negotiate, document and launch the capital raising. "The team at Fisher & Paykel Appliances did a great job spearheading this major transaction. They coordinated a large and complex transaction within a tight timeframe and have been a pleasure to work with."
Corporate partner Gavin Macdonald advised Fisher & Paykel Appliances on the structuring and negotiation of Haier's cornerstone investment.
Banking partner Murray King advised on Fisher & Paykel Appliances negotiation of the new $575 million bank facilities with its existing banking group.
Corporate partner James Gibson negotiated the underwriting agreement for the rights issue.
