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Mallesons Stephen Jaques has acted for IAG Finance (New Zealand) on a proposed restructure of its A$550 million Reset Exchangeable Securities (RES). If approved by RES holders, the proposed amendments would see the RES change from a contingent capital structure into an on-balance sheet instrument, allowing it to qualify as innovative Tier 1 regulatory capital under Australian Prudential Regulation Authority rules. Banking & Finance Partner Ian Paterson, who advised on the restructure, said: “The proposal demonstrates that an attractive hybrid security can still be developed in today’s tougher business and regulatory climate.” M&A Partner Shannon Finch added: “The restructure involved very significant technical skills within the Mallesons team. We acted on the initial design of the RES five years ago and it was one of the most fascinating and complex transactions we’ve been involved in. The team was really pleased to work with the client again on the restructure.” In advising IAG Mr Paterson and Ms Finch were joined by Senior Associate Jonathan Grant (M&A); Solicitor Martin Joy (Banking & Finance); and Solicitors Jessica Hudson and Anna Lau (M&A). Mallesons’ role involved advising on and documenting the terms of the amendments, assisting with explanatory materials for the holders’ meeting and liaising with relevant regulators. Aleks Czerwinski, Communications Consultant - +612 9296 3703 |
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