Deal of the month: Ryman Healthcare’s NZ$902 million Paitreo equity raise

UBS and Macquarie’s Asia-based teams advised the aged care firm on use of proceeds for its recent equity raise, new capital structure and related disclosure considerations.

AbJimroe AbJimroe
Jul 4, 2023 - 21:01
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Deal of the month: Ryman Healthcare’s NZ$902 million Paitreo equity raise

July 04, 2023

Aged care facility operator, Ryman Healthcare’s recent NZ$902 million $571.69 million fully underwritten pro-rata accelerated institutional tradeable retail entitlement offer Paitreo, marked the company’s first capital raise since its IPO in 1999. The transaction closed on February 17, 2023, constituting the third-largest equity raise on the New Zealand stock exchange’s NZX secondary market to date. Its success enabled the corporate to repay outstanding debt facilities and reset its capital structure.

The Paitreo fundraising model was first introduced by Merrill Lynch in 2011 on behalf of Australia stock exchange ASX-listed Origin Energy, when it sought to raise A$2.3 billion $1.54 billion to pursue an acquisition.

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