Simpson Thacher Tokyo Represents Underwriters in $1.35 Billion and £250 Million Offerings of Preferred Securities by Sumitomo Mitsui Financial Group, Inc.
07.25.08
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The Tokyo office of the Firm recently represented the underwriters in a simultaneous offering of $1.35 billion of non-cumulative perpetual preferred securities issued by SMFG Preferred Capital USD 3 Limited and £250 million of non-cumulative perpetual preferred securities issued by SMFG Preferred Capital GBP 2 Limited, each a Cayman Islands finance subsidiary of Sumitomo Mitsui Financial Group, Inc. The dollar-denominated preferred securities were offered by a syndicate of underwriters led by Goldman Sachs International, Merrill Lynch International, Morgan Stanley & Co. International plc and Daiwa Securities SMBC Europe Limited. The sterling-denominated preferred securities were offered by a syndicate of underwriters led by Goldman Sachs International, UBS Limited and Daiwa Securities SMBC Europe Limited. The offering was conducted pursuant to Rule 144A and Regulation S.
Sumitomo Mitsui Financial Group is a holding company that directly owns Sumitomo Mitsui Banking Corporation, one of the world’s largest commercial banks, with ¥108.6 trillion in consolidated total assets as of March 31, 2008.
The Simpson Thacher team that worked on the transaction included Alan Cannon, Robert Laplante, Andrew Hecht and Todd Wolfe in Tokyo, Mark Lab and Jeanne Annarumma in New York and Ben Applestein in Palo Alto.