Top firm aids Australia’s largest listed childcare provider after Chinese backer backflips

Just over two months after acting on a $212m placement for the company, the Big Six firm helped it raise $100m

Top firm aids Australia’s largest listed childcare provider after Chinese backer backflips
A Big Six firm acted again for Australia’s largest ASX listed childcare provider as it raised a fresh round of capital after a Chinese company backed out of its scheduled investment in the company.

King & Wood Mallesons (KWM) acted for G8 Education Limited on the institutional placement, which raised about $100m placement, which is being overseen by UBS and Ord Minnett.

The placement filled the void left by China First Capital Group, which did not complete its scheduled investment of $149m as was agreed in February.

The placement supports the company’s balance sheet through debt repayment, including both a bond and working capital facility with Bankwest. It will also help fund committed child care centre acquisitions in Australia.

The KWM team was led by Brisbane partner Stefan Luke, with the support of Isaac Evans and Akshay Naran. Luke said KWM is pleased to be continuing its capital markets work for G8. The firm advised G8 on the company’s $212.8M placement in March, which partially funds 49 childcare centre acquisitions across Australia.

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