Commonwealth Bank of Australia’s A$750 million offer of CommBank PERLS X Capital Notes

Herbert Smith Freehills is pleased to be advising Commonwealth Bank of Australia (CBA) on its offer of CommBank PERLS X Capital Notes to raise approximately A$750 million (with the ability to raise more or less) – CBA’s tenth retail hybrid offering.

CBA is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, insurance and broking services.

CommBank PERLS X Capital Notes are subordinated, unsecured notes. The proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the Offer will be used to fund CBA’s business.

The arranger for the Offer is Commonwealth Bank of Australia (Capital Markets Division) (CBA Markets). The joint lead managers are CBA Markets, ANZ Securities Limited, Morgan Stanley Australia Securities Limited, Morgans Financial Limited and Westpac Institutional Bank, a division of Westpac Banking Corporation.

Herbert Smith Freehills’ capital markets team was led by partners Philippa Stone (picture) and Patrick Lowden, supported by senior associate Charlotte Cameron and solicitors Michael Burrell and Elizabeth Cameron. Greenwoods & Herbert Smith Freehills are advising CBA in relation to Australian taxation.

The arranger and joint lead managers were advised by Allens.

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

Law Firms: Herbert Smith Freehills;

Clients: Commonwealth Bank of Australia;

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Author: Michael Patrini