Macquarie to raise $400m via capital notes

Macquarie Group (ASX: MQG) plans to raise $400m in debt through the offer of Macquarie Group Capital Notes 6 (MCN6) which will be quoted on the ASX under the code MQGPF.

Available to retail and institutional investors, the notes will be fully paid and issued at $100 each with distribution to be paid quarterly in arrears commencing on 12 September 2022.

The offer of MCN6 is made under a Prospectus which was lodged with the Australian Securities and Investments Commission (“ASIC”) and the ASX today.

What you need to know

• Subordinated: MCN6 are subordinated to claims of Senior Creditors in a Winding Up of MGL. They rank equally with Equal Ranking Obligations and rank ahead of Ordinary Shares.

• Unsecured: MCN6 are not deposit liabilities and are not protected accounts of MBL or MGL and are not guaranteed or insured by any government, government agency or compensation scheme of Australia or any other jurisdiction.

• Mandatorily convertible: Subject to certain conditions, MCN6 must be Exchanged into Ordinary Shares of MGL on 12 September 2032.

• Frankable: Distributions are expected to be franked at the same rate as Ordinary Shares.

• You do not have to pay brokerage on your Application for MCN6.

Applications for MCN6 can only be made through Syndicate Brokers.

The offer is to open on July 6 and applications must be for a minimum of 50 MCN6 ($5,000).