Herbert Smith Freehills has advised Arrium Limited (Arrium) on its A$754 million fully underwritten pro-rata accelerated renounceable entitlement offer including retail rights trading (“PAITREO”) and institutional placement (Offer), announced to the ASX on 15 September 2014.

The proceeds from the Offer will be used by Arrium to repay debt, strengthen the company’s balance sheet and provide it with a more appropriate capital structure for the current environment.

The Herbert Smith Freehills capital markets team was led by partners Philippa Stone and Tim McEwen and solicitors Ben Robinson and Thomas Cooper, assisted by executive counsel Lauren Magraith, senior associate Lucy Hall and solicitors Charlotte Cameron, Michael Compton, Hayden Guthrie and Mulin Zang.

Ms Stone said “Herbert Smith Freehills is delighted to have been able to assist Arrium on this major capital raising.”

The Offer is fully underwritten by UBS AG, Australia Branch, who were advised by King & Wood Mallesons.

Herbert Smith Freehills’ capital markets team is one of the most active in Australia, having recently acted for Commonwealth Bank of Australia on its $2.6 billion CommBank PERLS VII Capital Notes offer, AGL Energy Limited on its A$1.2 billion entitlement offer, Greencross Limited on its A$120 million entitlement offer and placement, Genworth Financial on Genworth Australia’s A$1.6 billion IPO, Japara Healthcare Limited on its A$525 million IPO, SG Fleet on its A$454.2 million IPO, the PACT Group on its A$1.12 billion IPO, the McAleese Group on its A$166 million IPO, for the joint lead managers on Mantra Group’s A$449 million IPO, Spotless’ $1.9 billion IPO, Veda’s A$1.05 billion IPO and OzForex Group’s A$439 million IPO, for the sole lead manager on National Storage REIT’s A$240 million IPO, for the joint lead managers on iSelect’s A$215 million IPO and for Calibre Group on its A$477 million IPO.

Herbert Smith Freehills’ Australian capital markets team has also recently acted for the joint lead managers on Macquarie Bank’s A$400 million Capital Notes offer, for the joint lead managers on Westpac’s A$1.31 billion Capital Notes 2 offer, sole lead manager on Aveo Healthcare Limited’s A$232 million entitlement offer, for the sole lead manager on ALS Limited’s A$246 million entitlement offer, for ASX Limited on its A$553 million entitlement offer and for Ten Network Holdings Limited on its A$200 million entitlement offer and its A$230 million entitlement offer.