​Ashurst advises MCAL & UBS on DUET's A$1.67b capital raising

Ashurst has advised Macquarie Capital (Australia) Limited (MCAL) and UBS AG, Australia Branch (UBS) as the underwriters of DUET's A$1.67 billion fully underwritten placement and accelerated non-renounceable entitlement offer to fund the acquisition of ASX-listed Energy Developments Limited (EDL).

DUET entered into a scheme implementation deed with EDL under which it is proposed that DUET will acquire 100% of EDL's shares on issue by way of a scheme of arrangement for A$8.00 per share payable in cash.

To assist in funding the proposed acquisition DUET has launched a fully underwritten A$1.67 billion equity raising via:

• a placement to cornerstone investors at A$2.02 per new stapled security to raise A$550 million; and
• an accelerated non-renounceable pro-rata entitlement offer of 1 new stapled security for every 2.69 existing stapled securities at an offer price of A$2.02 per new stapled security to raise A$1,122 million.

Financial close is expected in October 2015 and will be subject to EDL shareholder approval, court approval and other necessary approvals and conditions precedent.

The Ashurst team was led by Corporate partner Sarah Dulhunty, assisted by senior associate Nicole Pedler and lawyer Akiko Morioka.