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Colonial makes million dollar hybrid securities offer

Colonial makes million dollar hybrid securities offer

Mallesons Stephen Jaques and Freehills have advised on a $500 million offer.

Firms: Freehills (Colonial Holding Company Limited), Mallesons Stephen Jaques (arrangers and bookrunners: Goldman Sachs Australia [GSA] and Commonwealth Bank of Australia [CBA] and joint lead managers GSA, CBA, Citigroup Global Markets Australia Pty Limited, Evans and Partners Pty Limited and The Royal Bank of Scotland plc, Australia Branch).

Deal: Colonial Holding Company Limited’s $500 million offer of interest bearing subordinated, unsecured notes

Area: Corporate

Value: $500 million

Key players: The Mallesons team was led by M&A partner David Friedlander and banking and finance partner Anne-Marie Neagle, who were supported by senior associate Jo Thanyakittikul and solicitors Pola Collins and Zhiyan Cao. The Freehills team featured Philippa Stone, Rebecca Maslen-Stannage and Patrick Lowden.

Deal significance: Colonial Holding Company Limited is the holding company of the Colonial Group, a diversified wealth management and insurance group wholly-owned by the CBA. The offer forms part of Colonial Group’s strategy to diversify its sources and types of funding and the funds raised will be used to refinance existing debt.

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