Macquarie launches A$600 million five-year mandatory convertibles

By Rebecca Melvin

New York, May 28 - Australia's Macquarie Capital Loans Management Ltd., as part of the Macquarie Group, plans to price A$600 million of five-year mandatory convertible preference securities, with pricing seen following a three-day roadshow beginning Wednesday, according to a news release.

Macquarie Capital Advisers is sole arranger and joint lead manager, with Citigroup, Goldman Sachs JBWere, JPMorgan, nabCapital, UBS and Westpac acting as joint lead managers.

The convertibles have been assigned issue credit ratings of BBB from Standard & Poor's and Baa1 from Moody's Investors Service and are intended to be quoted on the Australian Securities Exchange.

"The offer is being made as part of Macquarie's ongoing funding and capital management strategy," Macquarie Group chief financial officer Greg Ward said in the release.

Macquarie is a diversified international provider of banking, financial, advisory and investment services based in Sydney, Australia.

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