King & Wood Mallesons has added yet another high profile hybrid debt offer to its strong record, acting on NAB’s tier 2 subordinated note offer – NAB’s first domestic retail offering since 1999.
The NAB Subordinated Notes are being offered to raise approximately $500m, with the ability to raise more or less. The funds raised are proposed to be used for general corporate purposes.
The King & Wood Mallesons team was led by Banking partner Anne-Marie Neagle and M&A partner Diana Nicholson, supported by solicitors Pola Collins and David Bryant. Taxation partner David Wood and senior associate Darren McClafferty also advised on the deal.
This is the latest in a series of high profile hybrid offers on which the firm has acted. King & Wood Mallesons previously advised on matters including acting for the arrangers and joint lead managers on AGL’s $650 million high equity credit subordinated note issue, Colonial’s $1bn hybrid securities retail offer, Tabcorp’s $250m retail offer of subordinated notes, Origin’s $900 million retail offer of subordinated hybrid notes, Woolworths $700 million retail offer of subordinated hybrid notes, Origin’s offshore offer of Euro 500 million subordinated hybrid notes and for IAG on its $377m CPS offer, for ANZ on its $1.5 billion subordinated notes issue, and for ANZ on its $1.25 billion CPS3 hybrid issue.
