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ANZ completes $1.31bn capital notes issue
Banking giant ANZ has been advised on its $1.31 billion capital notes 7 issue, which involved a reinvestment offer under which eligible holders of ANZ capital notes 2.
Jerome Doraisamy
Firm: Herbert Smith Freehills (10 joint lead managers); King & Wood Mallesons (ANZ).
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Deal: ANZ has completed an offer of capital notes 7, which will constitute additional tier 1 capital under Australian Prudential Regulation Authority standards, are mandatorily convertible subordinated perpetual securities issued by ANZ, HSF said in a statement, noting that the bank will use the proceeds of the offer to refinance CN2 and for general corporate purposes.
Area: Equity capital markets
Value: $1.31 billion
Key players: The Herbert Smith Freehills team was led by partners Philippa Stone and Fiona Smedley, who were supported by senior associates Charlotte Cameron, Yorick Ng, and Michael Burrell, and solicitors Adrian Palladino and David Tilley.
Deal significance: Speaking about the issue, Ms Stone said: “We are delighted to have again acted for the joint lead manager syndicate on another successful ANZ notes transaction, particularly as this transaction marks the first bank hybrid under the new product design and distribution obligations regime in Part 7.8A of the Corporations Act.”
