King & Wood Mallesons has acted on Virgin Australia Holdings Limited’s (Virgin Australia) proposed traditional, 1 for 1 non-renounceable pro-rata entitlement offer of new ordinary shares to its shareholders, advising the sole lead manager and underwriter UBS AG, Australia Branch.

The offer is announced together with the launch of Virgin Australia’s Efficiency Initiatives Program and is intended to raise approximately A$852 million. Singapore Airlines, HNA Innovation, Virgin Group, Nanshan Group and Air New Zealand have made binding commitments to take up their pro-rata entitlements and Singapore Airlines, HNA Innovation and Virgin Group have also made binding commitments to contribute to the sub-underwriting of entitlements not taken up by other shareholders.

The KWM team was led by M&A partners David Friedlander and Evie Bruce, who were supported by senior associate Amanda Isouard and solicitor Anna Chen.