Macquarie begins tender offer for fixed-to-floating debt instruments

By Angela McDaniels

Tacoma, Wash., March 26 – Macquarie Group Ltd. began a tender offer for up to €100 million of its €500 million fixed-to-floating unsubordinated PD debt instruments due March 5, 2025, according to a company filing with the London Stock Exchange.

The offer will expire at 11 a.m. ET on April 2.

The purchase price will be determined by reference to a fixed spread of 115 basis points over the interpolated mid-swap rate at or around 6 a.m. ET on April 3.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be April 5.

If the principal amount of debt instruments tendered exceeds the cap, the debt instruments will be accepted for purchase on a pro rata basis.

Debt instruments purchased in the offer will be canceled.

The debt instruments are callable on March 5, 2024.

The joint dealer managers are Hongkong and Shanghai Banking Corp. Ltd., Sydney Branch (+44 20 7992 6237, +852 2822 4100, +61 2 9255 2203 or liability.management@hsbcib.com) and ING Bank NV (+31 20 5632132 or liability.management@ing.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or macquarie@lucid-is.com).

Macquarie Group is a Sydney, Australia-based financial services company.

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