ANZ secures $1.5bn Capital Notes 6 offer

Herbert Smith Freehills has assisted Joint Lead Managers of ANZ’s $1.5 billion Capital Notes 6 offer.

Naomi Neilson • 19 July 2021 • Big Law

Firm: Herbert Smith Freehills (Australia and New Zealand Banking Group)

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Deal: Herbert Smith Freehills (HSF) has assisted the Joint Lead Managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of ANZ Capital Notes 6, which also involved a reinvestment offer under which holders of ANZ Capital Notes 1 were able to apply to sell some or all of their ANZ Capital Notes 1 and reinvest the proceeds in the notes or receive cash.

Value: $1.5 billion.

Area: Equity, hybrid raisings.

Key players: The team was led by Philippa Stone, supported by senior associate Michael Burrell and solicitor Alex Jarmyn.

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Deal significance: The notes are fully paid, convertible, perpetual, unsecured, subordinated notes issued by ANZ. The Notes will constitute Additional Tier 1 Capital under APRA standards. The proceeds from the issue will be used to refinance the ANZ Capital Notes 1 and for general corporate purposes.

HSF acted for nine Joint Lead Managers: ANZ Securities Limited, Commonwealth Bank of Australia, E&P Corporate Advisory Pty Limited, Morgan Stanley Australia Securities Limited, Morgans Financial Limited, Ord Minnett Limited, Shaw and Partners Limited, UBS AG, Australia Branch and Westpac Institutional Bank.

Ms Stone commented: “We are delighted to have worked with the Joint Lead Managers on another successful ANZ capital notes transaction. This transaction follows our recent role acting for the joint lead managers on the offer of CommBank PERLS XIII Capital Notes.”