Macquarie Group Limited (ASX:MQG) has lodged its replacement prospectus following the successful completion of its bookbuild for its Macquarie Capital Notes 6 offer which was announced at the end of June.
Macquarie has allocated $750 million in firm commitments to syndicate brokers and institutional investors. The margin for MCN6 was set at 3.70% per annum which was at the bottom end of the target range. Macquarie initially intended to raise $400 million.
MCN6 are fully paid, unsecured, subordinated, non-cumulative, mandatorily convertible, perpetual, automatically convertible notes issued by MGL at an issue price of $A100 per MCN6. Distributions are scheduled to be paid quarterly in arrears.
Unlike previous Macquarie retail hybrid offers there was not a MGL security holder offer for MCN6.
Macquarie Capital Notes 6 will trade on the ASX with code MQGPF and is expected to trade on 18 July 2022.
Also read: Westpac Prepares $750m Capital Notes 9 Hybrid Deal
Macquarie Capital Notes 6 are perpetual and do not have a fixed maturity date, with the first optional exchange date of 12 September 2029.
Macquarie said that the offer is consistent with the banking group’s strategy to actively manage its capital mix and maintain diverse sources of funding. The net proceeds of the offer will be used for general corporate purposes.
