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.

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