Bendigo and Adelaide Bank completes Bookbuild for $450 million capital notes offer
SYDNEY: Bendigo and Adelaide Bank (BEN) has successfully completed the Bookbuild for its offer of $450 million Capital Notes, which was announced on 28 October 2020, a news release noted.
Following the completion of the Bookbuild, Bendigo and Adelaide Bank confirmed an aggregate Offer size of $450 million, with the ability to raise more or less, and that the Margin has been set at 3.80 percent per annum.
Bendigo and Adelaide Bank (BEN) Chief Financial Officer Travis Crouch said, “We are very pleased with the overwhelming level of support shown for the Offer so far, by both retail and institutional investors. Many holders of our existing Convertible Preference Shares 2 have already committed to maintaining their investment in the Bank, and we also welcome those who are looking to invest in us for the first time. Our Capital Notes issuance will build upon the existing strength of the Bank’s regulatory capital base and help support future balance sheet growth.”
The Offer size is comprised of an allocation of approximately $295 million of Capital Notes in firm commitments to investors under the Bookbuild and a further allocation of approximately $155 million of Capital Notes to eligible holders of Convertible Preference Shares 2 who elect to reinvest their CPS2 under the Broker Firm Offer.
Further Capital Notes will be allocated to Eligible CPS2 Holders who elect to reinvest their CPS2 under the Reinvestment Offer and Eligible Security holders under the Security holder Offer.
Eligible CPS2 Holders who do not partake in the Broker Firm Offer have the opportunity to participate in the Reinvestment Offer by electing to have some or all of their CPS2 resale proceeds (i.e. $100 per CPS2) applied to the Application Payment for Capital Notes.
The Offer is expected to open on 5 November 2020. The Offer is expected to close at 5:00pm (AEDT) on 24 November 2020.
Bendigo and Adelaide Bank is Australia’s fifth largest retail bank, with more than 7,400 staff helping 1.9 million customers to achieve their financial goals. Bendigo and Adelaide Bank’s vision is to be Australia’s bank of choice, by feeding into the prosperity of customers and their communities.
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