By Angela McDaniels
Tacoma, Wash., Dec. 18 – Macquarie Group Ltd. raised an upsized A$531 million through an offering of floating-rate mandatorily convertible perpetual subordinated notes, according to a company news release.
The notes priced at par of A$100, and the interest rate is the reference rate plus 515 basis points.
Subject to some conditions, the notes must be exchanged into ordinary shares on March 18, 2024. The conditions are intended to make sure holders will receive about A$101 of ordinary shares per note.
In addition, the notes are convertible at the issuer’s option on March 17, 2021, Sept. 17, 2021 and March 17, 2022.
The notes are not putable.
Macquarie increased the offering from a planned A$400 million.
The issue consisted of a broker firm offer, an institutional offer and an offer to eligible holders of the company’s ordinary shares, Macquarie Group capital notes, Macquarie Bank capital notes and Macquarie income securities who are residents of Australia.
The 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.
The notes will begin trading on the Australian Securities Exchange on a deferred settlement basis on Monday under the symbol “MQGPB.” Trading on a normal settlement basis is expected to begin on Wednesday.
Proceeds will be used for general corporate purposes and may be used to redeem the company’s existing preferred membership interests in a $400 million hybrid security.
Sydney, Australia-based Macquarie is a diversified financial services group.
| Issuer: | Macquarie Group Ltd.
|
| Issue: | Floating-rate mandatorily convertible perpetual subordinated notes
|
| Amount: | A$531 million
|
| Coupon: | Reference rate plus 515 bps
|
| Price: | Par of A$100
|
| Mandatory conversion: | At A$101 on March 18, 2024
|
| Optional conversion: | At issuer’s option on March 17, 2021, Sept. 17, 2021 and March 17, 2022
|
| Put option: | None
|
| Joint lead managers: | 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
|
| Settlement date: | Dec. 18
|
| Listing: | ASX: MQGPB
|
| Stock symbol: | ASX: MQG
|
| Stock price: | A$78.30 at close Dec. 18
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
