19 November 2019

KWM Works With Suncorp to Raise Approximately $300 Million

King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on its latest Capital Notes offer, which has raised $300 million under the broker firm and institutional components of the offer, following a successful bookbuild process.

Suncorp is issuing Capital Notes 3 to raise Eligible Additional Tier 1 Capital, which will be used to fund the capital needs of one or more regulated entities within the Group and for general corporate and funding purposes. This includes the partial refinancing of Suncorp’s convertible preference shares (CPS3) that were issued in 2014 via a reinvestment offer.

The KWM team was led by partners Ian Paterson and Rhys Casey, with support from senior associates Andrew Fei, John Arthur and Isaac Evans and solicitors Victoria Costa and Emily Travers-Jones.

Tax advice in relation to the offer was provided by partner David Wood and senior associate Frankie Barbour.

Commenting on the transaction, Rhys Casey said: “We are pleased to have advised Suncorp on this hybrid capital raising. The raising achieves a number of objectives for Suncorp, including the refinancing of their earlier preference share transaction at a competitive margin.”

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.

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