The Australia and New Zealand Banking Group has announced that it is seeking to raise $1 billion through the offer of ANZ Capital Notes 7.
The notes are fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes issued by ANZ.
The offer includes a Reinvestment Offer under which eligible Capital Notes 2 holders can reinvest some or all of their CN2 into this offer.
Discretionary, non-cumulative distributions are scheduled to be paid quarterly based on a floating rate (3-month BBSW plus margin). The margin is expected to be in the range of 2.70 percent to 2.90 percent per annum.
Also read: Capital Notes – What Are They and Should You Invest?
ANZ Capital Notes 7 are expected to trade under ASX code ‘ANZPJ’. The offer opening date is February 23, 2022 and are redeemable by the issuer on 20 March 2029, 20 June 2029 and 20 September 2029. A mandatory conversion date is set for 20 September 2031.
The proposed issue date for ANZ Capital Notes 7 is 24 March, 2022.
The bank said it will use the proceeds to refinance CN2 and for general corporate purposes including meeting regulatory capital requirements.
For full details please see the offer investor presentation.
