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
Global firms work on $5.5bn rights issue

Global firms work on $5.5bn rights issue

Diana Nicholson KWM

Allens and King & Wood Mallesons were involved in negotiations around an NAB capital raising to facilitate a proposed demerger of the bank's UK business.

 Firms: King & Wood Mallesons (NAB), Allens (Macquarie Capital, Bank of America-Merrill Lynch, Morgan Stanley)

Deal: NAB raised about $5.5 billion through a rights issue, underwritten by Macquarie Capital, Bank of America-Merrill Lynch and Morgan Stanley.

Value: $5.5 billion

Area: Finance

Key players: The KWM team was led by Diana Nicholson (pictured), with Joe Muraca and Peter Stirling. Support was given by senior associates David Bryant and Will Heath. For the Allens team, the lead partners were Rob Pick and Julian Donnan.

Deal significance:

The capital raising involves a fully underwritten pro rata accelerated renounceable rights issue with eligible shareholders able to buy two shares for every 25 existing NAB ordinary shares at $28.50 each, according to a statement from KWM.

“The capital raising will provide a buffer for anticipated regulatory changes and is available to facilitate a proposed demerger of its UK business,” the statement said.

Ms Nicholson said the deal played into NAB’s long-term plans.

“This strategic initiative forms part of NAB’s broader strategy and we look forward to continuing to work with them on a number of projects as this progresses,” she said.

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

Global firms work on $5.5bn rights issue
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Top-tier offers targeted mentoring for Indigenous law students
Students at Macquarie University will be the first to benefit from a new Indigenous mentoring progra...
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...
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 & ...