King & Wood Mallesons (KWM) has advised Insurance Australia Group Limited (IAG) on its offer of IAG Capital Notes 3 (CN3), which raised $350 million.
IAG issued CN3 to raise Additional Tier 1 Capital as part of its capital management strategy. The proceeds of the issue will be used for IAG’s general corporate purposes.
The KWM team advising on the transaction was led by partners Ian Paterson and Joseph Muraca with support from special counsel Caroline Tait, senior associate Matthew Kaminsky and solicitors James Atcheson and Jenny Guo. Practice Leader, Tax Darren McClafferty, senior associate Sylvester Urban and solicitor Nelson Phan also provided tax advice to IAG on the deal.
Commenting on the transaction, Joseph Muraca said: “We are very pleased to have helped IAG execute another important capital transaction.”
KWM is a leading adviser in hybrid securities and has a long-standing relationship with IAG having most recently advised IAG on its $400 million offer of subordinated notes in 2023, its $500 million offer of IAG Capital Notes 2 in 2022 and the Australian aspects of its NZ$400 million offer of subordinated notes in 2022.
