King & Wood Mallesons (KWM) is delighted to have assisted National Australia Bank (NAB) with the launch of its $2bn NAB Capital Notes 5 offer.
NAB Capital Notes 5 are convertible subordinated notes that once issued will create additional tier 1 capital for NAB.
KWM advised NAB on all aspects of the Notes and the offer, including the option for holders of NAB Convertible Preference Shares II (CPS II) to re-invest their maturing CPS II into the new notes.
KWM Corporate M&A Partner Diana Nicolson and Banking & Finance Partner Ian Paterson led the team with support from Senior Associates Jack Hill and Kathryn Tomasic.
Commenting on the transaction, Diana Nicholson said it was particularly rewarding to support a valued client through successive capital raisings of all types.
“KWM assisted NAB with establishment of CPS II – so to now build the successor to that offering – it is gratifying to apply our experience and understanding of these instruments and our client’s business to bring this deal to the market, and see it strongly supported,” she said.
KWM is a leading adviser in hybrid securities and equity capital markets.
KWM has acted on the majority of the top 10 largest secondary capital raisings in Australia during the COVID-19 crisis to date as well as the majority of all recent hybrid security offers by Australian issuers.