Herbert Smith Freehills has advised Commonwealth Bank of Australia (CBA) on its A$5 billion fully underwritten pro-rata accelerated renounceable entitlement offer including retail rights trading (PAITREO), announced to the ASX on 12 August 2015 (Offer).

The proceeds from the Offer will further support CBA’s internationally comparable capital ratios.

The Herbert Smith Freehills capital markets team was led by partner Philippa Stone, senior associates Lucy Hall and Charlotte Cameron, and solicitors Thomas Cooper and Ben Robinson.

The Herbert Smith Freehills team worked closely with CBA’s team including Group Treasurer Paolo Tonucci, Head of Capital and Regulatory Strategy Tricia Ho-Hudson, Head of Advisory and M&A Legal Mark Alexander and Executive Manager Capital & Regulatory Strategy Paul Veerhuis.

Ms Stone said “we are delighted to have assisted CBA to deliver this market leading transaction. It was a pleasure to help our long standing client with another important transaction for the bank.”

The Offer is being underwritten by Morgan Stanley and UBS (Underwriters) and managed by CBA Equities, Goldman Sachs, Morgan Stanley  and UBS (together, the Joint Lead Managers). The Joint Lead Managers and Underwriters are being advised by Ashurst Australia.

Herbert Smith Freehills’ capital markets team has also recently acted for:

    * The Department of Finance on its landmark $5.7 billion IPO of Medibank Private Limited;
    * The Joint Lead Managers on Westpac’s $1.25 billion Capital Notes offer;
    * AGL Energy Limited on its A$1.2 billion PAITREO entitlement offer;
    * Pepper Group Limited on its A$471 million IPO;
    * The Joint Lead Managers on Westpac’s A$672 million sell down of shares in BT Investment Management;