King & Wood Mallesons has advised the National Australia Bank on its $5.5bn capital raising.
The deal, which is expected to have a dramatic impact on the equity capital markets league table, will see approximately 194 million NAB shares issued at a price of $28.50.
The capital raising involves a two for 25 fully underwritten pro rata accelerated renounceable rights issue with retail rights trading. It will provide a buffer for any anticipated regulatory changes and is expected to facilitate a proposed demerger of its UK business.
The Australian Financial Review reported on Friday that the Bank of America, Merrill Lynch, Macquarie Capital and Morgan Stanley have sub-underwritten the raising’s retail component, estimated to be worth around $2.8bn.
King & Wood Mallesons partner Dianan Nicholson headed up the NAB advisory team on the capital raising.
“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,” Nicholson said.