25 August, 2014

Ashurst has advised the Commonwealth Bank of Australia (CBA), Morgan Stanley, Goldman Sachs, J.P Morgan, Morgans, UBS and Westpac, as the arrangers and joint lead managers, in the raising of AUD 2bn of Tier 1 Capital announced by CBA on 18 August 2014 (the offer). The offer comprises a Broker Firm Offer, a Securityholder Offer and a Reinvestment Offer for existing holders of PERLS V securities and raises Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the offer will be used to fund CBA’s business. The issue of CommBank PERLS VII Capital Notes under the offer is expected to occur on 1 October 2014.

Lead partner Sarah Dulhunty said: “We are delighted to have assisted the arrangers and the joint lead managers with this significant issue of Tier 1 Capital by CBA.”

Sarah was assisted by partners Corey McHattan and Philip Trinca on the Reinvestment Offer.

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