Allens advises Bendigo and Adelaide Bank

Allens has advised Bendigo and Adelaide Bank on its $450 million offer of Capital Notes, which will qualify as Additional Tier 1 Capital for the Bank. The offer is being undertaken in conjunction with the resale of Bendigo and Adelaide Bank’s Convertible Preference Shares 2 (CPS2) that were issued in 2014.

The Capital Notes offer includes an Institutional Offer, a Broker Firm Offer, a Reinvestment Offer for the CPS2 shareholders and a Securityholder Offer.

The transaction will support the Bank’s balance sheet growth and ensure the Bank continues to maintain strong regulatory capital levels. The completion of the bookbuild indicated a strong level of demand for the offer.

Allens acted as both legal and taxation advisers to Bendigo and Adelaide Bank, as it did for the Bank’s previous issues of Additional Tier 1 securities in 2014 (CPS2), 2015 (CPS3) and 2017 (CPS4). Allens’ role included assisting the Bank to obtain all necessary approvals from APRA, the ASX and the ATO.

The corporate team from Allens was led by partners Robert Pick and Julian Donnan, Co-Heads of the firm’s Capital Markets team, and the tax team was led by partner Craig Milner.

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