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Herbert Smith Freehills has advised the Joint Lead Managers of Macquarie Group Limited’s (MGL) A$1bn placement to institutional investors and share purchase plan, the largest transaction of its kind for 2019.

The proceeds received by MGL under the offer will provide MGL with flexibility to invest in new opportunities.

Herbert Smith Freehills acted for the Joint Lead Managers, being Macquarie Capital (Australia) Limited (who was also the sole global coordinator), Merrill Lynch Equities (Australia) Limited and J.P. Morgan Securities Australia Limited.

The Herbert Smith Freehills team was led by partner Philippa Stone, supported by special counsel Rob Finlay, solicitor Michael Burrell and graduate Jessica Palazzolo.

Philippa Stone said: “We are delighted to have acted for the joint lead manager syndicate on another successful Macquarie capital raising. This transaction follows our recent role acting for the joint lead managers on the offer of Macquarie Capital Notes 4.”

MGL was advised by King & Wood Mallesons.

This deal is another example of Herbert Smith Freehills’ market-leading capital raisings for financial institutions. Other recent examples include advising:

  • The joint lead managers on MGL’s A$905.5 million offer of Macquarie Group Capital Notes 4;
  • The joint lead managers on Westpac Banking Group’s A$1.42 billion offer of Westpac Capital Notes 6;
  • The joint lead managers on MGL’s A$1 billion offer of Macquarie Capital Notes 3; and
  • Commonwealth Bank of Australia on its A$1.365 billion offer of PERLS X.