Firms act in bank’s $300m hybrid security offer

The deal continues the longstanding partnership between one of the firms and the bank

Firms act in bank’s $300m hybrid security offer
Two top firms advised in a $300m hybrid security offer.

Allens advised Bendigo and Adelaide bank on its “Converting Preference Shares 4” (CPS4) offer, which will qualify as additional “Tier 1 Capital” for the bank. The hybrid offer includes institutional, broker firm, reinvestment (CPS shareholders), and security-holder offers.

King & Wood Mallesons advised the joint lead managers to the offer, which were Westpac Institutional Bank, National Australia Bank, and JP Morgan Australia.

Legal and taxation advice was provided by Allens, which worked on the issue of similar shares by the bank in 2014 and 2015. The Allens team advised on necessary Australian Prudential Regulation Authority, Australian Stock Exchange, and Australian Taxation Office approvals.

Allens said its team was led by partners Robert Pick and Julian Donnan, who jointly head the firm’s capital markets team. They also worked with tax partner Martin Fry.

“The transaction continues the long-standing partnership between Allens and Bendigo and Adelaide Bank,” Pick said.

The CPS4 shares are expected to commence trading on 14 December. The offer opened 24 October.

Related stories:
Aus ICO raises $34m with help from top firm
Global firm naps up German boutique

Recent articles & video

HSF pitches in on industry-first deal

SA Supreme Court orders sale of family land despite resident brother’s objections

KWM supports Suncorp on capital raising effort

G+T represents lender group on $1.4bn debt facilities for Kelsian Group

Thomson Reuters unveils generative AI-supported legal research platform

New partner commences at Piper Alderman

Most Read Articles

MinterEllison partnership balloons after nine promotions

Lucky seven promoted to partner at Lander & Rogers

Allens guides Morgan Stanley in landmark infrastructure deal

New chair takes the lead at Barry Nilsson