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Macquarie offers $750m capital notes issue

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Macquarie offers $750m capital notes issue

Philippa Stone

Herbert Smith Freehills has advised all of the joint lead managers on a $750 million capital notes issue by Macquarie. 

Firm: Herbert Smith Freehills (joint lead managers – listed below); King & Wood Mallesons (Macquarie Group Limited)

Deal: Herbert Smith Freehills has advised the joint lead managers on a capital notes issue by Macquarie.

Value: $750 million

Area: Corporate

Key players: Herbert Smith Freehills’ team was led by partner Philippa Stone with support from solicitors Michael Burrell, Elizabeth Cameron, Daniel Stathis, and graduate Nicole Brazier.


Deal significance: Herbert Smith Freehills acted for all nine of the listed joint lead managers, which were Macquarie Capital (Australia) Limited (who as also the sole arranger), ANZ Securities Limited, Citigroup Global Markets Australia Pty Ltd, Commonwealth Bank of Australia, Evans Dixon Corporate Advisory Pty Limited, J.P. Morgan Securities Australia Limited, Morgans Financial Limited, National Australia Bank Limited and Westpac Institutional Bank.

Macquarie Group Capital Notes 4 will qualify as eligible capital for Australian Prudential Regulation Authority purposes, according to Herbert Smith Freehills.

The firm said that notes are fully-paid, unsecured, subordinated, non-cumulative, convertible, perpetual notes issued by Macquarie Group Limited and are being offered at an issue price of $100 each.

The offer “is intended to raise A$750 million, with ability to raise more or less”, a statement read, with proceeds received by Macquarie Group Limited to be used for general corporate funding and capital management purposes.

Herbert Smith Freehills’ lead partner on the deal, Philippa Stone, said “we are delighted to have acted for the joint lead manager syndicate on another successful Macquarie Capital Notes transaction”.

“This transaction follows our recent role acting for the joint lead managers on the offer of Westpac Capital Notes 6,” she noted.


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