August 11, 2020
Doyle's Guide

HSF advises ME Bank on A$300m Subordinated Notes issue

Herbert Smith Freehills has advised Members Equity Bank Limited (ME Bank) in relation to its offer of new Tier 2  Floating Rate Unsecured and Subordinated Notes, which were issued on 29 August 2014.

The offer marked the first Basel III compliant Tier 2 issue by an unlisted entity.  Initially intended to raise A$150 million, the offer was significantly oversubscribed and ultimately raised A$300 million.

The Herbert Smith Freehills team was led by Finance partner Andrew Booth, with support from senior associate Amy Repse and solicitor Isabelle Prentice.  Corporate partner Richard Loveridge and senior associate Anton Bobenko assisted on corporate matters.   ME Bank General Counsel, Isobel Rogerson, led the ME Bank legal and commercial teams, including negotiations with APRA on Basel III compliance.

Significant novel structuring was required in light of APRA’s new requirements, particularly the application of the non-viability provisions to an unlisted entity.

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