Herbert Smith Freehills has advised the joint lead managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of new Tier 1 hybrid securities known as ANZ Capital Notes 2 (Notes) and concurrent reinvestment offer and buyback of ANZ’s CPS1 securities (Offer). The Offer will seek to raise A$1 billion, with the ability to raise more or less.
The Notes are perpetual, fully paid, mandatorily convertible and subordinated, offered at an issue price of A$100 and are expected to be quoted on the ASX.
Herbert Smith Freehills acted for the joint lead manager syndicate, comprised of ANZ Securities, Goldman Sachs, J.P. Morgan, Morgans, Morgan Stanley, UBS and Westpac Institutional Bank. Bell Potter, JBWere and Ord Minnett were appointed as co-managers to the Offer.
The Herbert Smith Freehills team was led by global co-head of equity capital markets, Philippa Stone and executive counsel Lauren Magraith, assisted by solicitor Adrian Amer.
“ANZ is the first of the major Australian banks to come to market with a hybrid offering this year and we are very pleased to have acted for the joint lead manager syndicate on this transaction, following our roles on almost all of the major bank hybrids last year, including acting for the syndicate on ANZ’s original offer of ANZ Capital Notes,” said Stone.
King & Wood Mallesons advised ANZ.
