12 Mar 2010

Clayton Utz assists Southern Cross Media Group on successful internalisation and refinancing

Sydney, 12 March 2010: Clayton Utz congratulates Southern Cross Media Group (formerly Macquarie Media Group) on the successful completion of its internalisation initiative and the refinancing of Southern Cross Media’s business level debt facility on 10 March 2010.

These transactions follow on from the innovative capital raising conducted by Southern Cross Media Group last year and the corporatisation of Southern Cross Media Group which is expected to complete next week.

The transactions represent a rare combination of events by virtue of Southern Cross Media Group seeking to restructure many facets of its business at the one time. The innovative capital raising structure, a single bookbuild accelerated pro-rata renounceable entitlement offer, represented the first time this new structure had been used by a stapled vehicle. The corporatisation involves a unique corporate restructure including the destapling of the Southern Cross Media Group entities and restructure of those entities under a single Australian company using a Bermudan scheme of arrangement and Australian trust scheme.

Clayton Utz Corporate / M&A partners Karen Evans-Cullen and Toby Ryston-Pratt have advised on the internalisation and corporatisation initiatives. Equity Capital Markets partner Stuart Byrne advised on the recapitalisation.

Banking and Financial Services partners Geoff Geha and Alex Schlosser have acted for Southern Cross Media on the refinancing arrangements.

Commenting on the transactions, Karen Evans-Cullen and Toby Ryston-Pratt said: "These are novel transactions which presented interesting challenges for our teams and continued Clayton Utz' longstanding relationship with Southern Cross Media Group dating back to 2006. We wish Southern Cross Media Group all the best as it embarks upon this next phase in its corporate history."

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.