King & Wood Mallesons (KWM) has advised NAB on its significant capital raising to raise approximately $5.5b. The capital raising involves a 2 for 25 fully underwritten pro rata accelerated renounceable rights issue with retail rights trading (the Entitlement Offer) at an offer price of $28.50.

The capital raising will provide a buffer for anticipated regulatory changes and is available to facilitate a proposed demerger of its UK business.

KWM advised on all aspects of the deal. The team was led by Diana Nicholson, along with Joe Muraca and Peter Stirling. They were supported by senior associates David Bryant and Will Heath.

Commenting on the deal, Diana Nicholson said, “We are delighted to have been able to support longstanding client, NAB, on this very significant capital raising. This strategic initiative forms part of NAB’s broader strategy and we look forward to continuing to work with them on a number of projects as this progresses.”