Judo Bank has launched its inaugural capital notes offer to raise approximately $75 million.
The offer has been issued by Judo Capital Holdings Limited (ASX:JDO) to raise additional Tier 1 capital for the bank as part of its plan to develop and diversify its funding and capital sources.
Judo is a bank that is exclusively focused on Australian small and medium businesses and has taken on Australia’s entrenched banking operators head-on.
The capital notes offer is expected to open on 31 October and will comprise an institutional offer and a broker firm offer to investors within the Capital Notes Target Market.
The margin on the capital notes, which will be determined after the bookbuild, is expected to be between 6.25% and 6.5% over the three-month BBSW.
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The lead managers to the offer include Barrenjoey, E&P Corporate Advisory, Morgans Financial, and Westpac Institutional Bank.
Optional call dates are 16 February 2029, 16 May 2029, 16 August 2029, and 16 November 2029. The scheduled mandatory conversion date is 16 November 2031.
