19 October 2020

KWM advises Challenger to execute ongoing funding and capital management strategy

King & Wood Mallesons (KWM) is pleased to announce it has advised investment management firm Challenger Limited on its capital notes offer.

The hybrid notes (Challenger Capital Notes 3) are being issued as part of Challenger’s ongoing funding and capital management strategy.  The offering includes a Reinvestment Offer which is an opportunity for eligible holders of Challenger Capital Notes issued in 2014 (CCN1) to reinvest in Challenger Capital Notes 3.  Eligible CCN1 holders may also choose to have their CCN1 repurchased for their face value under a separate Repurchase Invitation.

Challenger intends to use the proceeds of the Offer to fund the regulatory capital requirements of Challenger Life Company Limited, the registered life company of the Challenger Group, and to refinance the CCN1 issued in 2014 through the Reinvestment Offer and Repurchase Invitation. KWM also advised Challenger on the Repurchase Invitation, being the first of its kind in the Australian hybrid market.

The KWM team included a combination of Debt Capital Markets and Mergers & Acquisition lawyers led by Partners Jo Dodd, Ian Paterson and Jason Watts, supported by Solicitors Georgia Feltis and Natasha Rodricks.

Commenting on the deal, DCM Partner Jo Dodd said: “We are so pleased to be advising our long-standing client Challenger on their latest hybrid notes offering and we are looking forward to working with Challenger and the other parties through to completion”.

KWM continues to have a strong relationship with Challenger acted for them on both Capital Notes raisings in 2014 and 2017.

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