Financial Services

Macquarie to raise $400m via capital notes

Tue 28 Jun 22, 12:14pm (AEST)
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Key Points

  • Macquarie Group Capital Notes 6 (MCN6) will be quoted on the ASX under the code MQGPF
  • The offer is to open on July 6 and applications must be for a minimum of 50 MCN6 ($5,000)
  • MCN6 must be Exchanged into Ordinary Shares of MGL on 12 September 2032

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).

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Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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