National Australia Bank has today launched an Additional Tier 1 Capital security, NAB Capital Notes 8. NAB said in an ASX statement that it was expecting to raise $750 million.
The offer comprises both a Broker Firm Offer to eligible investors and an Institutional Offer.
As a result of the Design and Distribution Obligations Regime NAB has not included a specific offer for NAB securityholders.
The Margin will be determined under the Bookbuild and is expected to be in the range of 2.6% to 2.8% per annum above the bank bill swap rate.
The mandatory conversion date for NAB Capital Notes 8 into ordinary shares will be 18 December 2034 unless they are converted, redeemed or resold earlier. Optional conversion, redemption or resale dates are 17 March 2032, 17 June 2032, 17 September 2032 or 17 December 2032.
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ASX quotation of NAB Capital Notes 8 is expected to occur under the code ‘NABPK’.
NAB has said that the net proceeds of the convertible notes will be used for general corporate purposes. The issue date is expected to be 6 June 2024.
Joint lead managers on the offer include NAB, ANZ Securities Limited, Bell Potter Securities and Commonwealth Bank of Australia.
