KWM assists Suncorp with $194 million resale and conversion of CPS3

AU | EN
Current site :    AU   |   EN
Australia
Belgium
China
China Hong Kong SAR
Germany
Italy
Japan
Singapore
Spain
UAE
United Kingdom
United States
Global

King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on the resale and conversion of its remaining A$194 million of convertible preference shares (CPS3) which remained on issue following the CPS3 reinvestment offer as part of Suncorp's Capital Notes 3.

The transaction is one of only a handful of tier 1 regulatory capital managed resale and conversion transactions and the first to be completed without a concurrent replacement instrument offering.

The KWM team advising on the transaction was led by partners Ian Paterson and Rhys Casey, senior associates Andrew Fei and Matt McKeown and solicitor Jordan Osrin.

KWM is a leading adviser in hybrid securities and has a longstanding relationship with Suncorp, having acted on all of its tier 1 regulatory capital raisings since 2012.