King & Wood Mallesons has advised National Australia Bank on the offering of a new Tier 1 hybrid security known as NAB Convertible Preference Shares (NAB CPS).
NAB CPS are fully paid preference shares issued directly by NAB, and will pay a discretionary, quarterly, floating rate, non-cumulative dividend.
NAB CPS are being offered with an Issue Price of $100 each to raise approximately $750 million, with the ability to raise more or less. NAB CPS are expected to be quoted on the ASX.
The King & Wood Mallesons team was led by M&A Partner Diana Nicholson and Banking Partner Ian Paterson, supported by senior associate Pola Collins and solicitor David Bryant.
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