Commonwealth Bank of Australia (ASX: CBA) has today launched an offer for CommBank PERLS XIV Capital Notes (expected ASX Code: CBAPK), to raise $750 million, with the ability to raise more or less. PERLS XIV have an Initial Face Value of A$100.

Shaw and Partners is delighted to be appointed as Joint Lead Manager to the Commonwealth Bank of Australia PERLS XIV Offer.

The purpose of the issue is to raise regulatory capital (Additional Tier 1) for CBA with the proceeds to be used to fund the Bank's businesses and refinance Commbank PERLS IX Capital Notes (ASX: CBAPF).

These securities are structured as perpetual, subordinated, unsecured and convertible notes. Distributions are discretionary, non-cumulative, floating rate and expected to be fully franked, paid on a quarterly basis in arrears until converted or redeemed.

The first distribution is scheduled to be paid on 15 June 2022. PERLS XIV are Callable at CommBank’s option on 15 June 2029, 17 December 2029, or 17 June 2030 (first approximately 7.2 years), or following a Tax or Regulatory Event. The Notes do not have a maturity date but have a Mandatory Exchange Date on 17 June 2032 (if the Mandatory Exchange Conditions are satisfied on that date).

The offer is restricted to Australian Resident Wholesale clients (Sophisticated or Professional) only.

For more information or to receive a copy of the Prospectus, please contact your Shaw and Partners Adviser.