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Suncorp makes ‘strategic’ capital notes offer

Suncorp makes ‘strategic’ capital notes offer

Suncorp

Regulated entities within the Suncorp Group will benefit from new funds raised as part of its latest capital notes offer.

Firms: King & Wood Mallesons (Suncorp Group Limited)

Deal: Suncorp Group Limited (Suncorp) has issued a capital notes offer.

Value: $300 million

Area: ECM, finance

Key players: KWM partners Evie Bruce, Ian Paterson and Rhys Casey lead the deal. Senior associate Andrew Fei and solicitors Luke Mulcahy and John Arthur assisted.

Deal significance: Following a successful bookbuild process, Suncorp has raised $300 million under the broker firm and institutional components of its latest capital notes offer.

A statement from KWM, which advised the group, said that Suncorp’s offer involved issuing Capital Notes 2 to raise Eligible Additional Tier 1 Capital.

“This is the second of two Additional Tier 1 Capital raisings in which we have supported Suncorp this year, and we are proud to advise Suncorp on this strategic transaction which is a key part of the group’s ongoing funding and capital management strategy.”

The firm added that some of the funds from the $300 million raising will be invested in the Suncorp Group’s more regulated entities. The money would also be used for general corporate and funding purposes, including the partial refinancing of Suncorp’s convertible preference shares (CPS2) that were issued in 2012 through a reinvestment offer.

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