KWM acts on Suncorp’s debut wholesale subordinated notes issue

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King & Wood Mallesons (KWM) advised Suncorp Group Limited (Suncorp) on its debut offer of floating rate, unsecured, subordinated notes which raised AU$600 million from institutional and other wholesale market investors.

The wholesale subordinated notes are being issued as part of Suncorp's ongoing funding and capital management strategy, the proceeds of which are expected to be used to fund Tier 2 capital of one or more regulated entities within the Suncorp group and for general funding purposes.

The KWM team was led by partners Ian Paterson and Rhys Casey, with support from senior associates Andrew Fei and Isaac Evans and solicitor Josh McVey. David Wood and Frankie Barbour provided the tax advice.

Commenting on the deal, Ian Paterson said: "It was a pleasure to support Suncorp on this wholesale Tier 2 trade, following on from Suncorp's  two Additional Tier 1 raisings last year. It was pleasing to see such strong levels of investor support for the offer."

Goldman Sachs acted as arranger and joint lead manager, together with ANZ, Citigroup, NAB and Westpac.