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03 Sep 2015

New Myer turns to Clayton Utz for $221 million capital raising

Melbourne, 3 September 2015: A Clayton Utz team has acted for iconic Australian retailer Myer on its $221 million capital raising launched on 1 September. The raising is part of the 'New Myer' Strategy announced to the market this week, on which Clayton Utz is also advising.

Corporate partner Brendan Groves led the core Clayton Utz team comprising senior associate Warrick Louey and lawyers Kate Allison and Craig McDermaid.

The raising comprises a fully underwritten entitlement offer to Myer shareholders, which aims to raise around $221 million at 94c per share. Proceeds from the raising will be used to pay down debt, providing balance sheet flexibility to implement the five-year, $600 million New Myer strategy.

Brendan said the Clayton Utz team enjoyed the opportunity to work with Myer as it embarks on a new business strategy. "This is a strategically significant capital raising for Myer and we're proud to have been a part of it."

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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.