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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.

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