Herbert Smith Freehills is proud to have advised the Joint Lead Managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of Capital Notes 8 (CN8).
The offer also involved a reinvestment offer under which eligible holders of ANZ Capital Notes 3 (CN3) could reinvest some or all of their CN3 into CN8.
CN8, 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 CN3 and for general corporate purposes.
Herbert Smith Freehills acted for nine 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, 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 solicitors Adrian Palladino, David Tilley and Helen Zhang, as well as graduate Nicole Sung.
Philippa Stone said, “We are delighted to have again acted for the joint lead manager syndicate on another successful ANZ notes transaction.”
ANZ was advised by King & Wood Mallesons.