Herbert Smith Freehills is proud to have advised the Joint Lead Managers of Challenger Limited’s (Challenger) offer of Challenger Capital Notes 4 (CCN4).
The offer also involved a reinvestment offer under which eligible holders of Challenger Capital Notes 2 (CCN2) could reinvest some or all of their CCN2 into CCN4.
Challenger intends to use the proceeds of CCN4 to fund a subscription for Additional Tier 1 Capital of CLC, the registered life company of the Challenger group. CCN4 will help refinance CCN2 through the reinvestment offer. The contribution of Additional Tier 1 Capital to CLC will assist with funding the regulatory capital requirements of CLC resulting from annuity sales growth.
Herbert Smith Freehills acted for five Joint Lead Managers, being ANZ Securities Limited, Morgans Financial Limited, National Australia Bank Limited, UBS AG, Australia Branch and Westpac Institutional Bank, a division of Westpac Banking Corporation. Herbert Smith Freehills also acted for UBS AG, Australia Branch in its role as nominated purchaser of reinvesting CCN2.
The Herbert Smith Freehills team was led by partners Philippa Stone, Philip Hart, Fiona Smedley and Ryan Leslie, and supported by solicitor David Tilley.
Philippa Stone said, “We are delighted to have acted for the joint lead manager syndicate on a successful Challenger notes transaction, its first since the introduction of the design and distribution obligations into Part 7.8A of the Corporations Act.”
Challenger was advised by King & Wood Mallesons.
The post Herbert Smith Freehills advises Joint Lead Managers on Challenger’s Limited A$350 million Challenger offer of Challenger Capital Notes 4 issue appeared first on Legal Desire Media and Insights.
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