Cochlear Limited’s Capital Raising

Herbert Smith Freehills has advised Cochlear Limited on its capital raising.

The capital raising comprised a fully underwritten A$880 million institutional placement and a non-underwritten share purchase plan to raise up to A$50 million.

Cochlear announced that due to significant demand received from domestic and global investors, the size of the placement was increased to A$880 million (from the expected A$800 million announced to the market at launch, on 25 March 2020).

The offer forms part of a comprehensive capital raising package undertaken by Cochlear, which also includes a credit approved commitment for an additional A$150 million bank facility from an existing lender.

Cochlear is the global leader in implantable hearing solutions, with an estimated market share globally of 60% and in excess of 600,000 implants sold over the last 40 years.

The Herbert Smith Freehills team was led by partners Michael Ziegelaar (Picture) and Andrew Rich, who were supported by senior associates Cecilia Mehl and Andrew Earle, and solicitors Jessica Voong and James Paolucci. The firm’s Australian team worked closely with HSF’s US securities lawyers, including partner Siddhartha Sivaramakrishnan and senior associate Jin Kong.

Involved fees earner: Andrew Earle – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills; Cecilia Mehl – Herbert Smith Freehills; James Paolucci – Herbert Smith Freehills; Andrew Rich – Herbert Smith Freehills; Siddhartha Sivaramakrishnan – Herbert Smith Freehills; Jessica Voong – Herbert Smith Freehills; Michael Ziegelaar – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Cochlear Limited;

Author: Michael Patrini