Ashurst advising MMA Offshore on A$80 million equity raising and recapitalisation proposal

The proceeds of the equity raising will be used to pay down existing debt as part of a debt restructure program.  The debt restructure involves repayments (and prepayments) of debt and approximately A$15.1 million in debt concessions from certain lenders exiting MMA's lender syndicate.  MMA has also reached agreement with the remaining lenders to amend its syndicated facility agreement, including to extend the maturity date of the facility from September 2021 to January 2025.

MMA was granted approval from ASX to rely on temporary ASX class waivers in structuring and undertaking the equity raising.

Partner Antonella Pacitti commented:

"MMA Offshore is a longstanding and much valued client of our firm, and we are delighted to have been able to support them again on such an important transaction."

The Ashurst team led by Antonella Pacitti, comprised partners Gaelen Cooney, Jason Salman, senior associate Zoe Woolford, lawyers Toby Newnes, Benjamin Thomas and Meng-Yeow Lim, and Graduate Tom Carmody.