trending Market Intelligence /marketintelligence/en/news-insights/trending/pUm8L-iwJns-n_krtq8gPA2 content esgSubNav
In This List

Bendigo & Adelaide Bank to raise A$300M via preference share issuance

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers

Blog

Post-Webinar Q&A: Integrating Climate Risks into Credit Risk Portfolios

Blog

Insight Weekly: Hurricane Ida impact; banks seek PPP forgiveness; commodities boom disruption

Blog

Banking Essentials Newsletter: August Edition, Part - 2


Bendigo & Adelaide Bank to raise A$300M via preference share issuance

Bendigo & Adelaide Bank Ltd. plans to issue converting preference shares to raise up to A$300 million, with the ability to raise more or less.

The margin for the offering of noncumulative, perpetual, converting preference shares is expected to be in the range of 3.75% to 3.95% and will be set by way of a bookbuild to be conducted on or around Oct. 23.

The offering is made up of a reinvestment offer to eligible converting preference share holders, a securityholder offer to eligible securityholders, a broker firm offer to broker firm applicants including eligible converting preference share holders and an institutional offer to institutional investors.

The issuance looks to support the bank's balance sheet growth and ensure that the lender continues to have strong regulatory capital levels. Proceeds from the issuance will be used to fund the redemption of the bank's convertible preference shares and for general corporate purposes.

The offer will open Oct. 24, while the reinvestment offer and securityholder offer will close Dec. 1. The closing date for the broker firm offer, excluding applications in respect of reinvested convertible preference shares, is Dec. 12.

The converting preference shares will be issued Dec. 13. They will be listed on the ASX on a deferred settlement basis on Dec. 14 and on a normal settlement basis on Dec. 20.

The bank said it may elect to redeem, resell or convert the preference shares into ordinary shares on June 13, 2024, otherwise the shares will mandatorily convert into ordinary shares on June 15, 2026.