HSF helps complete $1bn institutional placement and share purchase plan

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Herbert Smith Freehills (HSF) has helped complete a deal that’s touted as the largest of its kind in 2019.

The global firm advised the joint lead managers of Macquarie Group Limited’s (MGL) $1bn placement to institutional investors and share purchase plan. Proceeds of the transaction will provide MGL with flexibility to invest in new opportunities, HSF said.

HSF acted for joint lead managers being Macquarie Capital (Australia) Limited, Merrill Lynch Equities (Australia) Limited and J.P. Morgan Securities Australia Limited. Macquarie Capital was also the sole global coordinator.

MGL was advised by King & Wood Mallesons.

The HSF team was headed by partner Philippa Stone, who was supported by special counsel Rob Finlay, solicitor Michael Burrell, and graduate Jessica Palazzolo. Stone noted that the deal follows the firm’s role in the Macquarie Group Capital Notes 4 offer, which was initially expected to raise $750m but raised $905.5m.

HSF also recently acted for the joint lead managers on Westpac’s $1.42bn Westpac Capital Notes 6 and the joint lead managers on MGL’s $1bn Macquarie Capital Notes 3. It also advised CommBank in its $1.37bn PERLS X offer.