KWM assists Suncorp with Wholesale Subordinated Notes issue and divestment of Australian Wealth Business

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King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on its floating rate, unsecured, subordinate notes which raised AU$290 million from institutional investors and other wholesale market investors. KWM is also pleased to have advised Suncorp on the successful completion of the sale of its Australian Wealth Business to LGIAsuper.

The wholesale subordinated notes are being issued as part of Suncorp's ongoing funding and capital management strategy.

The sale of the Australian Wealth Business completed on 31 March 2022 for total consideration of approximately $55 million. The divestment enables Suncorp to focus on the group’s core business of banking and insurance.

The KWM team advising on the divestment were led by partners Rhys Casey and Sarah Yu and were supported by senior associate Matt McKeown and solicitor Kate Cincotta. Bryony Evans and Charles Davies handled the transitional services aspects of the transaction.

The KWM team advising on the wholesale subordinated notes transaction was led by partners Ian Paterson and Rhys Casey, senior associates Matt McKeown and Kathryn Tomasic and solicitor Andrew Chong.

Commenting on the transactions, Rhys Casey said: "It has been a busy period supporting Suncorp on these important deals, which have been executed against the backdrop of the devastating flood events and somewhat volatile global capital markets. Ultimately, both transactions support Suncorp’s strategy of focussing on its insurance and banking customers.”