Allens is advising the Arranger and Joint Lead Managers on the offer by National Australia Bank (NAB) of NAB Capital Notes 3, originally announced on 11 February 2019 to raise approximately A$750 million (or more or less) (Offer), and subsequently increased to A$1.65 billion following strong demand.
NAB is acting as Arranger and Joint Lead Manager to the Offer. Morgan Stanley, Morgans, Shaw and Partners, UBS and Westpac Institutional Bank are Joint Lead Managers to the Offer.
The Offer includes a Reinvestment Offer for existing NAB CPS holders, a NAB Securityholder Offer for eligible NAB securityholders, a Broker Firm Offer and an Institutional Offer, and is expected to close by 14 March 2019.
NAB Capital Notes 3 are convertible, subordinated notes issued by NAB, and once issued will qualify as Additional Tier 1 Capital for the NAB Group. The net proceeds of the Offer will be used for general corporate purposes.
Allens advised with a team including Robert Pick, Nicholas Twomey (Capital Markets) and Craig Milner (Tax)
Law Firms: Allens;