find the latest legal job
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Insurance Lawyer (1 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Great Career Opportunity ·
View details
Insurance and Health Lawyer (1-4 PAE)
Category: Insurance and Superannuation Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· New position to support Growth ·
View details
CBA raises $1.25 billion in funds

CBA raises $1.25 billion in funds


Two global firms have advised on an issue of CommBank PERLS VIII Capital Notes.

Firms: Herbert Smith Freehills (Commonwealth Bank of Australia); Ashurst (arrangers and joint lead manager syndicate)

Deal: Commonwealth Bank of Australia has issued CommBank PERLS VIII and concurrent PERLS III Reinvestment Offer to raise funds.

Value: $1.25 billion

Area: Banking and finance

Key players: The HSF capital markets team was led by partners Philippa Stone, Philip Hart and Patrick Lowden, supported by senior associate Charlotte Cameron and solicitors Ben Robinson, Thomas Mawson and Jake Reynolds.

The Ashurst team was led by partner Sarah Dulhunty, with assistance from senior associate Andrew Kim and lawyer Andrew Johnston.

Deal significance: CBA is a provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, and investment and share broking products and services.

CommBank PERLS VIII Capital Notes are subordinated, unsecured notes. The proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the offer will be used to fund CBA’s business.

The issue of CommBank PERLS VIII Capital Notes under the Offer is expected to occur on 30 March 2016, with deferred settlement trading and normal settlement trading to occur on 31 March 2016 and 4 April 2016 respectively.

The Reinvestment Offer is an offer to eligible PERLS III Holders to sell all or some of their PERLS III to CBA for $200 per PERLS III on the Reinvestment Date (30 March 2016) and to automatically reinvest the sale proceeds in PERLS VIII.

Greenwoods & Herbert Smith Freehills are advising CBA in relation to Australian taxation.

HSF lead partner Ms Stone said: “We are delighted to be acting for our long-standing client, Commonwealth Bank of Australia, on its issue of CommBank PERLS VIII Capital Notes. It is encouraging to see the continued strength of the Australian hybrid market.”

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

CBA raises $1.25 billion in funds
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Quentin Bryce
DV has worsened in a generation: Quentin Bryce
Former governor-general of Australia Dame Quentin Bryce AD CVO has spoken of her deep distress about...
Academics entertain the idea of law without lawyers
Researchers from Queensland will explore some of the most disruptive trends tipped to transform the ...
Please, Continue (Hamlet), Melbourne Festival
Oct 16 2017
Hamlet suffers slings and arrows of top Victorian barristers
Victorian judges and barristers have performed the unique play Please, Continue (Hamlet) at the Melb...
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 & ...