We advised SMFG on its SEC-registered offering of Additional Tier 1 notes and concurrent tender offers

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its $1.25 billion SEC-registered takedown offering of 6.45% perpetual subordinated notes. The notes are intended to qualify as Additional Tier 1 capital for SMFG and are structured to count as total loss-absorbing capacity under the Japanese TLAC regulations.

Davis Polk also advised SMFG in connection with its concurrent cash tender offers for up to $600 million aggregate principal amount of its 3.202% subordinated notes due 2029 and 2.142% subordinated notes due 2030.

SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly owned subsidiary Sumitomo Mitsui Banking Corporation is one of the world’s largest commercial banks by assets.

The Davis Polk corporate team included partner Christopher Kodama and associates Alexander Coley, Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Sarah E. Kim provided 1940 Act advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

 

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