Suncorp raises $250m in notes issue

By Tony Zhang|16 September 2020
Suncorp

King & Wood Mallesons has advised Suncorp on a $250 million wholesale subordinated notes issue.

Firms: King & Wood Mallesons (Suncorp).

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Value: $250 million.

Deal: King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on its floating rate, unsecured, subordinated notes which raised $250 million from institutional investors and other wholesale market investors.

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Area: Banking and finance.

Key Players:  The KWM team advising on the transaction was led by partners Ian Paterson and Rhys Casey, senior associates Andrew Fei and Matt McKeown and solicitors Jordan Osrin and Shaan Swaris.

Deal Significance: 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 purposes.

“We are pleased to have advised Suncorp on this wholesale Tier 2 trade and it was a pleasure to see such strong levels of wholesale investor support for the offer,” Mr Paterson said on the transaction. 

UBS acted as arranger and joint lead manager, together with Citigroup, NAB and Westpac.

Suncorp raises $250m in notes issue
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