Corrs advises MyState on A$100 million capital notes

Australia’s leading independent law firm, Corrs Chambers Westgarth, has provided counsel to MyState Limited (MyState) regarding its recent issuance of A$100 million Subordinated Notes, classified as Tier 2 Capital instruments. MyState, which is publicly listed on the ASX, serves as the non-operating holding company for a diverse group of financial services, including MyState Bank in Tasmania, Auswide Bank in Queensland, SelfCo, and TPT Wealth. Both MyState Bank and Auswide Bank function as authorised deposit-taking institutions, which necessitates compliance with the capital adequacy requirements set by the Australian Prudential Regulation Authority (APRA). Barrenjoey Markets Pty Limited and Westpac Banking Corporation played the role of Joint Lead Managers for this issuance.

The Corrs team, led by partner Jo Dodd and including head of tax Cameron Blackwood and senior associate Chloe Delahunt-Devlin, provided comprehensive advice on all facets of the transaction, drawing on the firm's expertise in banking, 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.” Dodd also noted that “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.”