King & Wood Mallesons and Freehills have acted on the issue of a new hybrid, PERLS VI, by Commonwealth Bank of Australia which is expected to raise approximately A$750 million.
Freehills advised Commonwealth Bank on its issue of PERLS VI and concurrent PERLS IV Reinvestment offer, announced today.
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.
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.
The King & Wood Mallesons team, led by partners Shannon Finch and Mark McFarlane, acted for the arrangers, Commonwealth Bank of Australia’s Capital Markets Division, and Morgan Stanley Australia Securities Limited, on regulatory and structuring matters.
The firm also acted for the joint lead managers ANZ Securities Limited, Commonwealth Bank of Australia capital markets division, Goldman Sachs Australia Pty Ltd, Macquarie Capital (Australia), Morgan Stanley Australia Securities, RBS Equity Capital Markets and Westpac Banking Corporation, on offer management arrangements.
They were assisted by senior associates Pola Collins, Paul Mayson and solicitor Nilofar Ali.
CBA’s offer included a reinvestment offer that enables eligible PERLS IV holders to invest in PERLS VI by selling some or all of their PERLS IV though an on-market buy-back facility and automatically reinvesting the proceeds in PERLS VI.
King & Wood Mallesons also acted for Morgan Stanley in its role as the on-market buying broker in connection with the reinvestment offer and as resale broker in connection with the proposed resale of the remaining PERLS IV on 31 October 2012.