Macquarie Group Limited’s A$600 million notes offering

Herbert Smith Freehills has advised the Joint Lead Managers of Macquarie Group Limited’s (MGL) offer of Macquarie Group Capital Notes 3 (MCN3).

MCN3 are fully paid, unsecured, subordinated, non-cumulative, mandatorily convertible notes issued by MGL, and are being offered at an issue price of A$100 per MCN3. The offer is intended to raise A$600 million, with the ability to raise more or less.

MCN3 will qualify as Eligible Capital for Australian Prudential Regulation Authority (APRA) purposes. The proceeds received by MGL under the offer will be used for general corporate funding and capital management purposes.

Herbert Smith Freehills acted for the ten Joint Lead Managers, being Macquarie Capital (Australia) Limited (who was also the sole arranger), ANZ Securities Limited, Citigroup Global Markets Australia Pty Ltd, Commonwealth Bank of Australia, Evans and Partners Pty Limited, J.P. Morgan Australia Limited, Morgans Financial Limited, National Australia Bank Limited, Shaw and Partners Limited and Westpac Institutional Bank.

The Herbert Smith Freehills team was led by partner Philippa Stone (picture), supported by solicitors Michael Burrell and Elizabeth Cameron.

MGL was advised by King & Wood Mallesons.

Involved fees earner: Philippa Stone – Herbert Smith Freehills; Michael Burrell – Herbert Smith Freehills; Elizabeth Cameron – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Citigroup Global Markets Ltd; JP Morgan; Westpac Banking Corporation; Commonwealth Bank of Australia; National Australia Bank; ANZ Securities Limited; Evans and Partners; Macquarie Capital;