Macquarie to raise about A$400 million with perpetual convertibles

By Rebecca Melvin

New York, Nov. 23 – Macquarie Group Ltd. has launched a capital raise of about A$400 million through convertible notes at an issue price of A$100 per note, according to a company news release.

The notes are mandatorily convertible subject to certain conditions on March 18, 2024. Otherwise the paper will be perpetual. The notes are being listed on the Australian Securities Exchange under the code “MQGPB.”

The notes may be partially or fully redeemed on March 17, 2021, Sept. 17, 2021 and March 17, 2022.

Proceeds are for general corporate purposes and may be used to redeem its existing preferred membership interests in a $400 million hybrid security.

Joint lead managers are Macquarie Capital (Australia) Ltd. (sole arranger), ANZ Securities Ltd., Commonwealth Bank of Australia, Evans and Partners Pty Ltd., J.P. Morgan Australia Ltd., Morgans Financial Ltd., National Australia Bank Ltd. and Westpac Institutional Bank.

Sydney, Australia-based Macquarie is a diversified financial services group.

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