The transaction featured the first accelerated non-renounceable entitlement offer made in the country
Chapman Tripp has advised on the first capital raising effort to apply the relief offered by NZX to issuers in light of the COVID-19 pandemic.
The firm acted for Kathmandu Holdings in raising $207m through an accelerated non-renounceable entitlement offer (ANREO) and a placement. This was the first ANREO made in New Zealand, and also featured a retail oversubscription facility, said Chapman Tripp corporate partner Rachel Dunne.
“Kathmandu was also one of the first issuers to rely on NZX relief for periodic reporting timeframes in response to COVID-19, deferring release of its half year results announcement in connection with the offer,” Dunne said.
Chapman Tripp had worked with NZX in developing the class waivers for the relief initiative.
“NZX regulation moved swiftly and decisively to provide relief for NZX issuers to facilitate capital raisings in response to the impacts of COVID-19. We were privileged to be able to provide our expertise and assistance to NZX in formulating the three class waivers,” Dunne said. “We have since put these into action to allow NZX issuers to access the capital they need to weather the COVID-19 storm.”
The firm has assisted on six of the seven raising efforts worth over $8m made by NZX issuers. In total, these raisings generated almost $2bn in fresh equity.
Chapman Tripp advised Jarden, Credit Suisse and Citi as joint lead managers and underwriters on the $1.2bn capital raising for the Auckland Airport, which involved an institutional placement and share purchase plan (SPP). The firm’s ECM team also acted on a $65m placement and ANREO for Vista Group International.
In addition, Moa Group received Chapman Tripp’s assistance on an $8.3m cornerstone placement and renounceable rights issue, as did Augusta Capital on a $45m placement and ANREO. The firm also advised Z Energy on a $350m placement and SPP.
The raisings were “launched over a period of less than six weeks and almost all with novel features for New Zealand equity capital markets,” Chapman Tripp said.