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- Macquarie Group Limited is likely to offer AU$400 million of capital notes (MCN6).
- MCN6 are expected to be quoted on the ASX under the code MQGPF.
- The offer will be available to retail and institutional investors 6 July onwards.
- The company has lowered its dividend ratio to 50-70% of earnings.
Australian financial services company, Macquarie Group Limited (ASX:MQG) has announced to raise AU$400 million in debt. The company will be issuing capital notes for the sake of same. These notes will be listed on the ASX. Macquarie Group has kept the offer open for retail and institutional investors and it will open on 6 July.
Another fact that has brought Macquarie Group in news today is that it is cutting down its dividend ratio to 50 to 70% of earnings.
MQG’s share price performance
At 12:57 PM AEST, MQG shares were spotted trading at AU$166.040 per share, down 0.132%. In last one month, MQG shares have lost 11.79% while in past one year, it has clocked gains upto 7.13% (as of 12:56 PM AEST).
Details of Macquarie capital notes issue
Why is Macquarie making the capital notes offer?
The capital notes issue is as claimed by the company consistent with Macquarie’s strategy for a capital mix with diverse funding sources. The MCN6 and its equity capital shall together provide a buffer to protect its senior creditors against losses that may in future be incurred by Macquarie Group.
Other than this, the net proceeds from the notes will be utilised for general corporate purposes by the company.
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