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Suncorp undertakes $250m wholesale subordinated notes offer
Global law firm King & Wood Mallesons has advised Suncorp on a notes issue that raised a quarter of a billion dollars from investors.
Jerome Doraisamy
Firm: King & Wood Mallesons (Suncorp)
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Deal: Suncorp has been advised by KWM on the issue of its wholesale, floating rate, unsecured, subordinated notes 4, which raised $250 million from institutional and wholesale investors.
Area: Banking and finance
Value: $250 million
Key players: The KWM team was led by partners Ian Paterson and Rhys Casey, who were supported by senior associates Matt McKeown and Kathryn Tomasic and solicitors Andrew Chong and Shannon O’Brien.
Deal significance: The wholesale subordinated notes are being issued, KWM said in a statement, 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.
Speaking about the deal, Mr Casey said: “Our team is proud to have supported Suncorp on this Tier 2 transaction, which included some innovative design features.”
