The notes are being issued under a trust deed, with the ability to raise more or less, to raise eligible additional tier 1 capital to fund one or more regulated entities within the Suncorp Group.
Brisbane-based Suncorp recently completed its bookbuild for the offer to be issued on 5 May. It said it planned to use the proceeds for its general insurance, banking, life insurance and wealth management businesses.
The notes may be converted to shares, redeemed, or resold by 17 June 2022, with outstanding notes mandatorily converted to ordinary shares two years after.
The KWM team is led by partners Evie Bruce and Ian Paterson. Senior associates Andrew Fei and Shabarika Ajitkumar, and solicitors Luke Mulcahy and John Arthur assisted in the deal.
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King & Wood Mallesons is advising Suncorp Group on its new capital notes offer for $300m.