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HSF advising CommBank on capital raise
Herbert Smith Freehills is advising Commonwealth Bank of Australia on its 10th retail hybrid offering.
Jerome Doraisamy
Firm: Herbert Smith Freehills (CBA); Allens (arranger, joint lead managers).
Proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements, with net proceeds to be used to fund CBA’s businesses.
The arranger for the Offer is CBA’s Capital Markets Division, and the joint lead managers are CBA Markets, ANZ Securities, Morgan Stanley Australia, Morgans Financial and Westpac Institutional Bank.
Value: $750 million (approximate figure, with the ability to raise more or less)
Area: Capital Markets
Key players: The HSF team advising CBA is led by capital markets partners Philippa Stone and Patrick Lowden, who are supported by senior associate Charlotte Cameron and solicitors Michael Burrell and Elizabeth Cameron.
HSF is working closely with CBA, including group general counsel Anna Lenahan, as well as the group’s advisory lawyers Mark Alexander and Kirsty Cox, and its M&A team and CBA’s capital and regulatory strategy team.
Deal significance: “We are thrilled to be acting for our valued client, Commonwealth Bank of Australia, on its issue of CommBank PERLS X Capital Notes,” Ms Stone said.
“We are proud of our work with the CBA team on PERLS transactions over the past 15 years, and it was an absolute pleasure to work with the CBA team again.”
The transaction, HSF said, followed recent significant bank hybrid matters that the firm had worked on.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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