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Suncorp raises capital notes offering size

Suncorp Group Ltd. increased the size of its capital notes offering and set the margin of the issuance after completing the bookbuild process.

The company said it allocated A$300 million of capital notes under the broker firm offer and institutional offer on a firm basis. The company had initially intended to issue capital notes worth A$250 million, with the option to raise more or less.

The margin was set at 4.10% per year, which was at the bottom of the 4.10% to 4.30% range the company indicated at launch.

The final size of the offer will depend on the volume of applications received and accepted under the security holder offer, the company said. The company could scale back applications if there is excess demand.

As of March 27, US$1 was equivalent to A$1.31.