King & Wood Mallesons is advising Suncorp Group Ltd on its offer of subordinated notes, which was announced 10 April 2013.
The offer represents the first Tier 2 regulatory capital issuance by an Australian financial institution since the new Basel III capital requirements came into effect in January this year.
The King & Wood Mallesons team is being led by banking and finance partner Ian Paterson and M&A partner Evie Bruce, who are being supported by senior associate Jonathan Grant, solicitors Anna Lau, Andrew McDonald, Tom Morgan, Victoria Ngomba and Emily Zhang and legal adviser Simon Curtis.
Paterson said: “We are delighted to support our client on this strategic transaction, which sets the precedent for further Tier 2 regulatory capital offerings in the Australian debt market this year.”
The transaction is the second offer of a capital security by Suncorp in the past 12 months on which King & Wood Mallesons has advised. In September 2012, the firm advised Suncorp on its $560 million raising of convertible preference shares.
Clayton Utz acted for the Joint Lead Managers.