King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on the issue of its wholesale, floating rate, unsecured, subordinated notes 5 which raised A$600 million from institutional and wholesale market investors.
The wholesale subordinated notes are being issued as part of Suncorp’s ongoing funding and capital management strategy, the proceeds of which are expected to be used to fund Tier 2 Capital of one or more regulated entities within the Suncorp Group and for general funding and capital management purposes.
The KWM team was led by partners Ian Paterson and Rhys Casey, who were supported by special counsel, Matt McKeown, senior associate, Kathryn Tomasic and solicitors Andrew Chong and Shannon O’Brien. David Wood and Frankie Barbour provided tax advice on the deal.
Commenting on the transaction, Ian Paterson said: “We are delighted to have supported Suncorp on another significant transaction in the capital markets.” Matt McKeown added: “It’s a pleasure to partner with Suncorp on capital transactions of this nature, leveraging some of our legal technology and innovation tools.”
KWM is a leading advisor in hybrid securities and has a proud, longstanding relationship with Suncorp.
