27 May 2020

KWM advises on ASX's largest post-GFC capital raising

King & Wood Mallesons (KWM) is proud to have assisted National Australia Bank on its recent $A4.25 billion capital raising.

The raising comprises a A$3 billion fully underwritten institutional placement, and $1.25 billion share purchase plan.

The KWM team advised NAB on all aspects of the transaction, and was led by Partner Diana Nicholson and Senior Associate Jack Hill.

Commenting on the transaction, KWM Partner Diana Nicholson said that it drew on the considerable experience and expertise of the firm’s Equity and Capital Markets team during an extremely challenging period.

"This kind of large-scale raising, during a time of high market volatility, and frequent regulatory change requires a skilled and dedicated team.

"It is privilege to deliver an exceptional result for highly-valued client."

KWM has advised a range of other ASX and NZX listed clients on capital raisings during the COVID-19 crisis, including Incitec Pivot, Flight Centre, Macquarie, Charter Hall Retail REIT, oOh!media and Auckland Airport. KWM also advised the lead managers on the Lendlease, Oil Search, Credit Corp, Megaport and Australian Finance Group capital raisings during this time. KWM acted on a large number of capital raisings during the GFC and has drawn on that invaluable experience when working on capital raisings during the COVID-19 crisis.

KWM regularly advises NAB and other Australian banks on capital raisings and hybrid capital issuances.

The cumulative total of funds raised under the firm’s guidance since 22 March 2020 is approximately $10.1 billion.

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