24 Feb 2014

Clayton Utz advises CBA Equities Ltd on APN News & Media's A$132 million entitlement offer

Sydney, 24 February 2014: Clayton Utz has advised CBA Equities Limited, as lead manager and underwriter, in connection with the A$132 million entitlement offer by APN News & Media Limited ("APN"), announced to the market on 19 February 2014.

The national head of the Clayton Utz Equity Capital Markets practice, Stuart Byrne, led the Clayton Utz team, supported by senior associate Patricia Paton.

The entitlement offer comprises a fully underwritten approximately A$112 million institutional component, which successfully completed last Friday, and a fully underwritten approximately A$20 million retail component, due to open on 27 February.

The raising is being undertaken to part fund APN's acquisition of 100% of Australian Radio Network Pty Limited and The Radio Network Limited from Clear Channel Communications Inc. In connection with this acquisition, a bridge facility was provided.

Clayton Utz also advised the bridge provider associated with the acquisition, with Banking partner Alex Schlosser and senior associate Maria Ratner advising on the finance aspects.

Commenting on the transaction, Stuart Byrne said: "We enjoyed working again with our valued client, CBA Equities, on this offer. We have supported them on a range of capital raisings over the years and the success of this offer is reflective of the more positive sentiment we're currently experiencing in the capital markets."

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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.