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Allens speeds ahead in convertible share offer

Allens speeds ahead in convertible share offer

Julian Donnan

Allens has advised Bendigo and Adelaide Bank on its $225 million offer of Convertible Preference Shares 3 (CPS3).

Firms: Allens (Bendigo and Adelaide Bank), King & Wood Mallesons (Goldman Sachs, Evans and Partners, JP Morgan and NAB)

Deal: Bendigo and Adelaide Bank made a new share offering, CPS3, including an Institutional Offer, a Broker Firm Offer, a Reinvestment Offer and the BPS shareholders, a Securityholder Offer and a General Offer.

Value: $225 million

Area: Banking and finance

Key players: Allens provided both legal and taxation advice, with the corporate team headed by partners Robert Pick and Julian Donnan (pictured) and the tax team by partner Martin Fry.

Deal significance:

The transaction follows the issue of similar convertible preference shares (known as CPS2) late in 2014.

“The transaction is predicted to further strengthen Bendigo and Adelaide Bank’s Tier 1 Capital ratio and support the bank’s ongoing balance sheet growth,” a statement from Allens said. “The early completion of the bookbuild indicated a strong level of demand for the offer.”

Mr Donnan said it was pleasing to see investor support for CPS3 under the bookbuild.

“As with CPS2, this has allowed the bank to not only increase the offer size, but to set the margin at the bottom of the indicative range.”

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Allens speeds ahead in convertible share offer
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