Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised MyState Limited (MyState) on its recent issuance of A$100 million Subordinated Notes (being Tier 2 Capital instruments).
MyState is the ASX-listed non-operating holding company of the diversified financial services group consisting of MyState Bank (Tasmania), Auswide Bank (Queensland), SelfCo and TPT Wealth. Both MyState Bank and Auswide Bank are authorised deposit-taking institutions which are required to meet the capital adequacy requirements set by the Australian Prudential Regulation Authority (APRA). Barrenjoey Markets Pty Limited and Westpac Banking Corporation acted as Joint Lead Managers for the issuance.
Led by partner Jo Dodd, and supported by head of tax Cameron Blackwood and senior associate Chloe Delahunt-Devlin, Corrs advised MyState on all aspects of the transaction with support from the firm’s banking and finance and tax practices.
Commenting on the matter, lead partner Jo Dodd said: “We are delighted to advise MyState on this significant issuance, being its first regulatory capital raising following its acquisition of Auswide Bank.
"The transaction enhances MyState’s Tier 2 Capital, financial stability and operational capacity as well as Corrs’ reputation as a top-tier, trusted adviser on debt capital markets transactions.”