find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
CBA moves to raise $750 million

CBA moves to raise $750 million

Freehills and King & Wood Mallesons have acted on a $750 million issue.

Firms: Freehills (Commonwealth Bank of Australia), King & Wood Mallesons (joint lead managers)

Deal: CBA issue of PERLS VI and concurrent PERLS IV reinvestment offer

Area: Corporate

Value: Approximately $750 million (with the ability to raise more or less)

Key players: The Freehills team was led by partner Philippa Stone and included partners Fiona Gardiner-Hill and Patrick Lowden, executive counsel Lauren Magraith, senior associates Phillip Hart, John Natal, Lisa Cuman and Lucy Hall, and lawyers Tom Cooper, Zain Kazi and Charlotte Cameron. The KWM team was led by partners Shannon Finch and Mark McFarlane and assisted by Senior Associates Pola Collins, Paul Mayson and Solicitor Nilofar Ali.

Deal significance: PERLS VI are perpetual, exchangeable, re-saleable, listed, subordinated, unsecured notes. The proceeds from the issue will raise Tier One Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the offer will be used, to the extent necessary, to refinance PERLS IV and otherwise fund CBA’s business.

Freehills worked closely with CBA’s team, including group treasurer Lyn Cobley, head of capital and regulatory strategy Tricia Ho-Hudson and senior legal counsel Mark Alexander. Greenwoods & Freehills advised CBA in relation to taxation.

The arrangers for the offer were Commonwealth Bank of Australia and Morgan Stanley Australia Securities Limited, and the joint lead managers were ANZ Securities Limited, Commonwealth Bank of Australia, Goldman Sachs Australia Pty Limited, Macquarie Capital (Australia) Limited, Morgan Stanley Australia Securities Limited, RBS Equity Capital Markets (Australia) Limited and Westpac Institutional Bank.

“We are delighted to have had the opportunity to assist CBA on the PERLS VI raising, which will be the first fully Basel III compliant hybrid offering by an Australian bank and one of the largest hybrid offers in the Australian market this year,” said Stone.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

CBA moves to raise $750 million
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...