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Joint managers undertake $1 billion deal
Two global law firms have advised on ANZ’s $1 billion offer of ANZ Capital Notes 5 and CPS3 Buy-Back Facility.
Emma Musgrave
Firms: Herbert Smith Freehills (ANZ Securities Limited, J.P. Morgan Australia Limited, Morgans Financial Limited, Morgan Stanley Australia Securities Limited, UBS AG, Australia Branch and Westpac Institutional Bank); King & Wood Mallesons (ANZ)
Value: $1 billion
Area: Finance
Key players: The Herbert Smith Freehills legal team was led by global co-head of equity capital markets Philippa Stone and senior associate Charlotte Cameron, with assitance by solicitor Michael Burrell.
Deal significance: According to a statement from Herbert Smith Freehills, the firm has “advised the joint lead managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of new Additional Tier 1 capital securities known as ANZ Capital Notes 5 (Notes) (Offer)”.
“ANZ also announced a buy-back facility under which eligible holders of CPS3 may apply to sell some or all of their CPS3 and reinvest the proceeds in the Notes or receive cash. The Offer will seek to raise up to $1 billion,” the firm’s statement said.
“The Notes are fully paid, mandatorily convertible, subordinated perpetual securities, offered at an issue price of $100 per Note and are expected to be quoted on the ASX.”
Herbert Smith Freehills global co-head of equity capital markets Philippa Stone said the firm was pleased to have acted for the joint lead managers on another successful ANZ capital notes transaction.
“This transaction follows our recent roles on a number of significant bank hybrids and continues to highlight investor demand for Australian bank hybrid securities,” said Ms Stone.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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