Suncorp has launched a convertible preference share offer (CPS3) to raise A$250 million with the ability to raise more or less.
The company is issuing CPS3 to raise proceeds which it expects to use to fund the capital requirements of one or more regulated entities within the Suncorp Group, a statement from the company said.
CPS3 are expected to be quoted on the Australian Securities Exchange (ASX).
Suncorp Group CFO, Steve Johnston, said: “The CPS3 offer will further strengthen Suncorp’s capital position and is a key part of our ongoing funding and capital management strategy.”
UBS has been appointed as sole arranger and joint lead manager.
Deutsche Bank and National Australia Bank have been appointed as joint lead managers.
The offer comprises:
- An institutional offer to certain institutional investors;
- A broker firm offer to Australian resident retail and high net worth clients of syndicate brokers;
- A security holder offer to eligible security holders.
Bookbuild date is 7 April 2014 while the closing dates for the security holder offer and the broker firm offer is 30 April 2014 and 6 May 2014 respectively.
