Herbert Smith Freehills Advises Joint Lead Managers on Macquarie Group’s A$750 million Capital Notes 6 Issue

Herbert Smith Freehills is proud to have advised the Joint Lead Managers of Macquarie Group Limited’s (MGL) offer of Macquarie Group Capital Notes 6 (MCN6).

MCN6, which will qualify as Eligible Capital for Australian Prudential Regulation Authority purposes, are fully paid, unsecured, subordinated, non-cumulative, convertible, perpetual notes issued by MGL. They were offered at an issue price of A$100 per MCN6.

The offer was originally intended to raise A$400 million (with the ability to raise more or less) but was increased to A$750 million following strong support from retail and institutional investors.

Herbert Smith Freehills acted for the ten Joint Lead Managers, Macquarie Capital (Australia) Limited (which was also the sole arranger), ANZ Securities Limited, Citigroup Global Markets Australia Pty Limited, Commonwealth Bank of Australia, E&P Corporate Advisory Pty Limited, Morgans Financial Limited, National Australia Bank Limited, Ord Minnett Limited, Shaw and Partners Limited and Westpac Institutional Bank.

The Herbert Smith Freehills team was led by partners Philippa Stone and Fiona Smedley, supported by Special Counsel Yorick Ng and solicitors Adrian Palladino and David Tilley.

Philippa Stone said, “We are delighted to have again acted for the joint lead manager syndicate on another successful Macquarie Capital Notes transaction. This transaction follows our recent roles acting for the joint lead managers on the offer of Westpac Capital Notes 9, for CBA as issuer on its offer of PERLS XIV and for the joint lead managers on the offer of ANZ Capital Notes 7.”

MGL was advised by King & Wood Mallesons.