KWM assists Suncorp with $250 million wholesale subordinated notes issue

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King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on its floating rate, unsecured, subordinate notes which raised AU$250 million from institutional investors 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 advising on the transaction was led by partners Ian Paterson and Rhys Casey, senior associates Andrew Fei and Matt McKeown and solicitors Jordan Osrin and Shaan Swaris.

Commenting on the transaction, Ian Paterson said: "We are pleased to have advised Suncorp on this wholesale Tier 2 trade and it was a pleasure to see such strong levels of wholesale investor support for the offer."

UBS acted as arranger and joint lead manager, together with Citigroup, NAB and Westpac.

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.