Australia's Allens Advises on $1 Billion Capital Raise for Shopping Center Owner
Since the beginning of April, the Allens equity capital markets team has advised on capital raisings valued at more than $11.5 billion.
June 04, 2020 at 06:31 PM
2 minute read
A shopping center in Australia manged by Vicinity Centres. Photo: Shutterstock.com
Australian law firm Allens is advising Vicinity Centres on a A$1.4 billion (US$1 billion) capital raising to strengthen the shopping center owner's balance sheet.
The capital raising comprises a fully underwritten A$1.2 billion placement and a securities purchase plan targeting to raise up to A$200 million, with the proceeds to be used to reduce debt and strengthen Vicinity's balance sheet, Allens said in a statement.
Allens partner and co-head of equity capital markets Robert Pick led the Allens team on the matter.
"We are very pleased to have had the opportunity to work with Vicinity on this important capital raising, which provides Vicinity with balance sheet strength and flexibility to respond to the uncertainty caused by COVID-19 and the evolving retail landscape," he said in a statement.
Since the beginning of April, the Allens equity capital markets team has advised on capital raisings that have raised more than $11.5 billion.
It is one of several firms to have taken part in the surge in capital raisings in Australia as companies sought to bolster their balance sheets in the face of the COVID-19 crisis.
Read More:
Capital Markets Lawyers Busy as Companies Rush to Raise Funds
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