April 2, 2015
Koch Equity Development, LLC (together with its affiliates, “Koch”) and funds advised by Pacific Equity Partners Pty Limited (together with its affiliates, “PEP”) confirm that they have submitted to Bradken Limited ('Bradken') a proposal (on behalf of an acquisition entity) to acquire all of the shares in Bradken for a cash price of A$2.50 per share (the “Transaction”).
We consent to the immediate disclosure by Bradken of the full terms of the proposal, including the limited confirmatory matters to which it is subject.
We believe the proposal offers compelling value as it represents a 35% premium to the closing price of Bradken of A$1.85 as of 31 March 2015.
We confirm that we have obtained both equity and debt funding commitments to finance the Transaction. Debt financing has been arranged with a syndicate from the Australian banking market and is on a committed basis. Equity funding for the Transaction will be provided equally by Koch and the funds advised by PEP and their co-investors.
Assuming the appropriate access, we believe we can complete the confirmatory work required prior to executing definitive documentation in a matter of days, and look forward to working with the Bradken Board over the long Easter weekend.
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