Allens has advised QBE Insurance Group Limited in connection with their A$810 million equity raising.
The equity raising comprises an A$650 million underwritten institutional share placement and a share purchase plan to raise approximately A$160 million.
The proceeds from the equity raising will be primarily used by QBE to repurchase and cancel the remaining portion of QBE's US$500 million convertible subordinated debt.
The Allens team was led by Partners Jon Webster and Robert Pick, and also included Associate Jarrod Woodward.
'We are very pleased to be acting for QBE on the capital raising which forms part of a range of capital initiatives being undertaken by QBE as part of a comprehensive capital management plan,' said Mr Webster.
'With equity capital markets transactions having been dominated by IPOs during the course of the year, it's pleasing to see strong support from institutional shareholders in what is one of the few large secondary raisings undertaken by ASX-listed companies so far this year,' said Mr Pick.
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.