Herbert Smith Freehills has advised the Joint Lead Managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of Capital Notes 7 (CN7).
The offer also involved a reinvestment offer under which eligible holders of ANZ Capital Notes 2 (CN2) could reinvest some or all of their CN2 into CN7.
CN7, which will constitute Additional Tier 1 Capital under Australian Prudential Regulation Authority standards, are mandatorily convertible subordinated perpetual securities issued by ANZ. ANZ will use the proceeds of the Offer to refinance CN2 and for general corporate purposes.
Herbert Smith Freehills acted for 10 Joint Lead Managers, being ANZ Securities Limited, Commonwealth Bank of Australia (Capital Markets Division), E&P Corporate Advisory Pty Limited, Morgan Stanley Australia Securities Limited, Morgans Financial Limited, ³Ô¹ÏÍøÕ¾ Australia Bank Limited, Ord Minnett Limited, Shaw and Partners Limited, UBS AG, Australia Branch and Westpac Institutional Bank, a division of Westpac Banking Corporation.
The Herbert Smith Freehills team was led by partners Philippa Stone and Fiona Smedley, and supported by senior associates Charlotte Cameron, Yorick Ng, Michael Burrell, and solicitors Adrian Palladino and David Tilley.
Philippa Stone said, “We are delighted to have again acted for the joint lead manager syndicate on another successful ANZ notes transaction, particularly as this transaction marks the first bank hybrid under the new product design and distribution obligations regime in Part 7.8A of the Corporations Act.”
ANZ was advised by King & Wood Mallesons.
