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Allens advises Westpac on hybrid security deal

Allens advises Westpac on hybrid security deal

Allens Arthur Robinson and Freehills have advised on a hybrid deal expected to raise $1 billion for Westpac.

Firms: Allens Arthur Robinson (Westpac Banking Corporation), Freehills (joint lead managers)

Deal: Under the deal, Westpac convertible preference shares will be offered at an issue price of $100 each, and will be available to eligible security-holders, broker firm applicants and institutional investors

Value: $1 billion

Key players: Co-head of equity capital markets Stuart McCulloch led the Allens team, together with partners Larry Magid and Julian Donnan, senior associate Judith Taylor and lawyers Shannon Thompson, Lisa Bau, Kirsty Moore and Evan Bendelstein

Deal significance: McCulloch said hybrid deals, such as the one being undertaken by Westpac, are on the increase so far in 2012. “The current demand for these kinds of products is particularly strong,” he said.

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