Daily Brief Australia: APA Group, Hotel Property Investments, Pilbara Minerals and more

• Unisuper is looking to raise A$500m (US$333m) via trimming a portion of its stake in APA Group (APA AU).
• The deal will be a large one to digest at 24 days of the stock’s three month ADV. 
• In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

• Back on the 9th September, pub play Hotel Property Investments (HPI AU) announced – and summarily rejected – a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
• Charter Hall has now increased terms to A$3.85/share (best & final), a 17.7% premium to undisturbed. The Offer remains conditional on an 50.1% minimum acceptance condition. Charter Hall holds 14.7%. 
• HPI’s reported response? “While Charter Hall’s improved offer provides an attractive exit for shareholders, we remain committed to evaluating all options that deliver the best long-term value.“

• Pilbara Minerals announced the establishment of a $1 billion debt facility with a banking syndicate.
• The company plans to use the facility to repay existing concessional debt and potentially make acquisitions.
• The new facility offers more flexibility in terms of leverage ratios compared to existing debt agreements.

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