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Suncorp to issue A$250M of capital notes

Suncorp Group Ltd. plans to issue capital notes worth A$250 million, with the ability to raise more or less.

The company said March 27 that the margin for the offering will be determined following the bookbuild and is expected to be in the range of 4.10% to 4.30% per year over the three-month Bank Bill Rate.

The offering comprises an institutional offer to certain institutional investors, a broker firm offer made to Australian resident retail and high net worth clients of syndicate brokers and a security holder offer made to eligible security holders.

The company has the option to exchange the capital notes June 17, 2022, or following certain other events. On June 17, 2024, any outstanding notes will mandatory convert into Suncorp shares.

The issuance will open April 4. The closing date for the security holder offer is April 28, while the closing date for the broker firm offer is May 4. The issue date is May 5.

The company is issuing the notes to raise eligible Additional Tier 1 capital and the proceeds from the issuance will be used to fund the capital needs of one or more regulated entities within the group.

UBS was appointed as arranger and joint lead manager for the issuance. Morgans and National Australia Bank were also appointed as joint lead managers.

As of March 24, US$1 was equivalent to A$1.31.