Herbert Smith Freehills advised NEXTDC Limited (NEXTDC) on its A$297 million fully underwritten institutional placement and non-underwritten share purchase plan.
The institutional placement consists of a A$147 million general placement to institutional investors and a A$150 million cornerstone placement to UniSuper.
Due to strong demand, the final placement value increased by A$16 million and priced at A$6.81 per share (Placement Price), being a 5.6% premium to the underwritten floor price of A$6.43 per share. UniSuper has taken up its cornerstone placement at a 2.5% premium to the Placement Price.
The proceeds from the Offer are expected to provide NEXTDC with adequate funds to purchase three new commercial property sites for future data centre developments in Sydney, Melbourne and Perth.
The Offer is being underwritten by Citigroup Global Markets Australia Pty Limited.
The Herbert Smith Freehills team was led by partner Philippa Stone (picture), who was supported by special counsel Rob Finlay and solicitors Michael Burrell, Elizabeth Cameron and Curtis Vella. Singapore partner Siddhartha Sivaramakrishnan and senior associate Jin Kong advised NEXTDC in relation to the US securities law aspects of the Offer
Involved fees earner: Philippa Stone – Herbert Smith Freehills; Rob Finlay – Herbert Smith Freehills; Michael Burrell – Herbert Smith Freehills; Elizabeth Cameron – Herbert Smith Freehills; Curtis Vella – Herbert Smith Freehills; Siddhartha Sivaramakrishnan – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills;
Law Firms: Herbert Smith Freehills;
Clients: NEXTDC Limited;