Bakers, Allens, advise on Sims Metal deal

LAW firm Baker & McKenzie’s Australian office has advised Sims Metal Management on its newly announced $400 million institutional placement. Allens Arthur Robinson advised the underwriters on the deal.

Sims Metal Management, a global leader in metals and electronics recycling, said it completed the placement at $21 per share on 20 November. Settlement of about 19 million new shares issued under the placement was scheduled to take place on Thursday this week, with the target of raising A$75 million.

Allens partner Vijay Cugati, with senior associate Eve Regnard, advised the underwriters UBS and CommSec in relation to the fully underwritten institutional placement.

“It was important that the transaction was executed quickly and smoothly for Sims Metal Management to then be able to focus on its plans to repay debt and pursue growth opportunities,” said Cugati.

Sims Metal Management CEO, Dan Dienst, said: “The capital puts the company in an enviable position to strengthen its existing business and fund acquisition growth opportunities. We are very pleased with the success of the placement.”