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Suncorp completes wholesale subordinated notes issue, divests Australian wealth business
King & Wood Mallesons has advised Suncorp Group Limited on its floating rate, unsecured, subordinated notes, which raised $290 million from institutional investors and other wholesale market investors, as well as on the successful completion of the sale of its Australian wealth business to LGIAsuper.
Jerome Doraisamy
Firm: King & Wood Mallesons (Suncorp Group)
Area: Capital markets
Value: $290 million
Key players: The KWM team was led by partners Ian Paterson and Rhys Casey, who were supported by senior associates Matt McKeown and Kathryn Tomasic and solicitors Kate Cincotta and Andrew Chong. Bryony Evans and Charles Davies handled the transitional services aspects of the transaction.
Deal significance: Speaking about the transactions, Mr Casey said: “It has been a busy period supporting Suncorp on these important deals, which have been executed against the backdrop of the devastating flood events and somewhat volatile global capital markets.
“Ultimately, both transactions support Suncorp’s strategy of focussing on its insurance and banking customers.”
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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