Ashurst has advised Macquarie Capital (Australia) Limited (MCAL) and UBS AG, Australia Branch (UBS) in a fully underwritten offer to raise approximately A$397 million by the DUET Group.

DUET, an ASX-listed owner of energy utility assets in Australia, announced an accelerated non-renounceable pro-rata entitlement offer (Entitlement Offer) of 1 new stapled security for every 8 existing stapled securities (New Stapled Securities) at an offer price of $2.39 per New Stapled Security, to raise approximately $397 million.

The offer price represents a 6.6% discount to the closing price of DUET stapled securities on the last day of ASX trading before announcement of the Entitlement Offer, which is fully underwritten by MCAL and UBS.

The deal was led by corporate partner Sarah Dulhunty, who was assisted by senior associate Nicole Pedler, lawyer Akiko Morioka and graduate Rosa Chen.