The Capital Notes 5 issuance is expected to raise $360m
King & Wood Mallesons (KWM) has provided legal support to Suncorp Group Limited (Suncorp) on a capital raising effort involving the issuance of Capital Notes 5.
The effort is looking to raise $360m. An option was offered to eligible Suncorp Capital Notes 2 holders to reinvest their capital into Capital Notes 5.
The Capital Notes 5 issuance is intended to generate Additional Tier 1 Capital in line with Suncorp’s current funding and capital management strategy. The proceeds will be applied towards supporting one or more regulated entities within the Suncorp Group, as well as for general corporate and funding purposes.
KWM co-lead partner Rhys Casey indicated that the deal had “received strong investor support”.
Casey headed up the firm’s team alongside fellow partner Ian Paterson, special counsel Matt McKeown, senior associate Kathryn Tomasic, and solicitors Shannon O’Brien, Damon Scurria, and Vanessa Hang. Partner David Wood and senior associate Frankie Wickens provided tax advice related to the offer.