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HSF advising CommBank on capital raise

HSF advising CommBank on capital raise

CommBank, money

Herbert Smith Freehills is advising Commonwealth Bank of Australia on its 10th retail hybrid offering.

Firm: Herbert Smith Freehills (CBA); Allens (arranger, joint lead managers).

Deal: Herbert Smith Freehills last week announced it is advising Commonwealth Bank of Australia (CBA) on its offer of CommBank PERLS X Capital Notes, which will attempt to raise $750 million.

Proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements, with net proceeds to be used to fund CBA’s businesses.

The arranger for the Offer is CBA’s Capital Markets Division, and the joint lead managers are CBA Markets, ANZ Securities, Morgan Stanley Australia, Morgans Financial and Westpac Institutional Bank.

Value: $750 million (approximate figure, with the ability to raise more or less)

Area: Capital Markets

Key players: The HSF team advising CBA is led by capital markets partners Philippa Stone and Patrick Lowden, who are supported by senior associate Charlotte Cameron and solicitors Michael Burrell and Elizabeth Cameron.

HSF is working closely with CBA, including group general counsel Anna Lenahan, as well as the group’s advisory lawyers Mark Alexander and Kirsty Cox, and its M&A team and CBA’s capital and regulatory strategy team.

Deal significance: “We are thrilled to be acting for our valued client, Commonwealth Bank of Australia, on its issue of CommBank PERLS X Capital Notes,” Ms Stone said.

“We are proud of our work with the CBA team on PERLS transactions over the past 15 years, and it was an absolute pleasure to work with the CBA team again.”

The transaction, HSF said, followed recent significant bank hybrid matters that the firm had worked on.

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