Deal: Herbert Smith Freehills is proud to have advised the joint lead managers of Macquarie Bank Limited’s (MBL) offer of Macquarie Bank Capital Notes 2 (BCN2).

Value: $500 million.

Area: Banking & finance, capital raise.

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Key players: The Herbert Smith Freehills team was led by partner Philippa Stone, supported by special counsel Rob Finlay and solicitors Michael Burrell and Shananne Joyce.

Deal Significance: The offer was originally intended to raise $400 million (with the ability to raise more or less) but was increased to $500 million following strong support from brokers and institutional investors in the broker firm offer. 

“We are delighted to have acted for the joint lead manager syndicate on another successful Macquarie Bank Notes transaction,” Philippa Stone said.

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

The raising comes after a short marketing exercise earlier in the week and only one fortnight after Macquarie Group’s annual results.

Macquarie Group’s local banking arm tapped ANZ, CBA, NAB and Westpac’s dealing desks to sell the notes, alongside the company’s own desk.

This was then further increased to $641 million post the securityholder offer. 

The proceeds received by MBL under the offer will be used for general corporate funding and capital management purposes.

Herbert Smith Freehills acted for the nine joint lead managers, which were Macquarie Capital (Australia) Limited (who was also the sole arranger), ANZ Securities Limited, Citigroup Global Markets Australia Pty Ltd, Commonwealth Bank of Australia, E&P Corporate Advisory Pty Limited, Ord Minnett Limited, Morgans Financial Limited, National Australia Bank Limited, and Westpac Institutional Bank.