Mallesons Stephen Jaques and Clayton Utz have successfully completed a A$2bn capital raising for Asciano, an infrastructure company focused on transport, within just 72 hours.
The Mallesons team, led by Peter Cook, David Friedlander and Meredith Paynter, acted for underwriters UBS and Royal Bank of Scotland. Paynter told ALB there was "lean" staffing, with just three partners, one senior associate and two solicitors. "There wasn't much sleep had on either side. Two solicitors worked on due diligence documents, while two partners and a senior associate worked on the underwriting agreement. It made sense to have a lean team, as there was no time for delay or miscommunication - it was easier to manage."
The Clayton Utz team, led by Stuart Byrne and Greg James, advised Asciano. The pair was contacted on 11 June, and worked around-the-clock for 72 hours before the raising was announced on 15 June, and closed on 17 June.
Paynter believes Mallesons was chosen for its "strong relationships" with banks and previous work on a range of Asciano's raisings. "It is possible to quickly raise funds from equity capital markets in the present market. There is a great degree of comfort among clients and investors to raise money within short time-frames," he said.
Sidley Austin advised the underwriters on US aspects of the raising, while Sullivan & Cromwell advised Asciano on US law.
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