Macquarie prices A$600 million five-year mandatory convertibles at 350 bps margin

New York, June 4 - Macquarie Capital Loans Management Ltd. said it priced its A$600 million of five-year mandatory convertible preference securities with a 350 basis points margin.

The margin will be used to set the distribution rate on the issue date.

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 offer will open to the public on June 5. Settlement is expected on July 4 and July 7 will be the issue date.

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.

"Investors have responded strongly to Macquarie Group Ltd.'s first public capital markets offering," said Macquarie Group chief financial officer Greg Ward in a news release.

"Given current markets, the margin which has been set at 3.50% through the bookbuild, is an excellent outcome."

Proceeds will be used as part of Macquarie's ongoing funding and capital management strategy.

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

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