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MGL advised on $725m capital notes 5 issue
Global law firms Herbert Smith Freehills and King & Wood Mallesons have advised on a deal surrounding a multimillion-dollar capital notes 5 issue.
Emma Musgrave
Firms: Herbert Smith Freehills (joint lead managers); King & Wood Mallesons (Macquarie Group Limited).
Value: $725 million.
Area: Finance.
Key players: The Herbert Smith Freehills team was led by partner Philippa Stone, supported by special counsel Rob Finlay, senior associate Michael Burrell and solicitor Jennie Bian.
Deal significance: “MCN5, which will qualify as Eligible Capital for Australian Prudential Regulation Authority purposes, are fully paid, unsecured, subordinated, non-cumulative, convertible, perpetual notes issued by MGL. They were offered at an issue price of A$100 per MCN5,” a statement from HSF said.
“The offer was originally intended to raise A$500 million (with the ability to raise more or less) but was increased to A$550 million following strong support from brokers and institutional investors in the broker firm offer. This was then further increased to A$725 million post the securityholder and reinvestment offers. The proceeds received by MGL under the offer will be used for general corporate funding and capital management purposes.
“Herbert Smith Freehills acted for the nine Joint Lead Managers, being Macquarie Capital (Australia) Limited (who was also the sole arranger), ANZ Securities Limited, Citigroup Global Markets Australia Pty Limited, Commonwealth Bank of Australia, E&P Corporate Advisory Pty Limited, Ord Minnett Limited, Morgans Financial Limited, National Australia Bank Limited, and Westpac Institutional Bank.”
Commenting further, HSF lead partner Ms Stone said: “We are delighted to have again acted for the joint lead manager syndicate on another successful Macquarie Notes transaction. This transaction follows our recent role acting for the joint lead managers on the offer of Westpac Capital Notes 7.”
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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