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Macquarie Group Limited (ASX:MQG) has announced its intention to raise $A500 Mn (more or less) through the offer of Macquarie Group Capital Notes 4 (MCN4) which will be quoted on ASX under the code MQGPD. The offer highlights the groupâs strategy to actively manage its capital mix and maintain diverse sources of funding.
The offer will be fully paid, subordinated, non-cumulative, unsecured, mandatorily convertible and perpetual notes issued by the group at an issue price of $A100 per MCN and a quarterly distribution has been scheduled, subject to the companyâs payment conditions. The offer will qualify as eligible capital for Australian Prudential Regulation Authority purposes.
The MNC4 offer is expected to open on 5 March 2019 and consists of an institutional Offer, a broker offer, and a security holder offer. The Institutional offer will be offered to Institutional Investors. The Broker Firm offer will be offered to Australian residents, retail and HNI clients of Syndicate Brokers, or New Zealand residents, HNI clients of Syndicate Brokers.
The Securityholder offer was offered to holders of Ordinary Shares of Macquarie (MQG), Macquarie Group Capital Notes 2 (MQGPB), Macquarie Bank Capital Notes (MBLPA), Macquarie Income Securities (MBLHB), Macquarie Group Capital Notes 3 (MQGPC)Â at 7.00 PM (AEDT) on 22 February 2019, who are resident in Australia (and are not barred from receiving the MCN4 Offer under the securities laws of another jurisdiction, as determined by the group).
The prospectus containing offer has been registered with the Australian Stock Exchange and Australian Securities and Investments Commission. It can be accessed at www.MCN4Offer.com.au, by calling the MCN4 Offer Information Line on 1300 005 027 (within Australia) or +61 2 8023 5474 (outside Australia) (Monday to Friday (8.30 AM - 5.30 PM)) during the offer period, or by emailing at [email protected]. A replacement prospectus containing the margin is expected to be made available on 5 March 2019 (âReplacement Prospectusâ) when the offer opens.
The closing date of the offer is expected to be 5.00pm (AEDT) on 22 March 2019 and the issue date is 27 March 2019. The company has appointed Macquarie Capital (Australia) Limited as sole arranger and a joint lead manager along with ANZ Securities Limited, Citigroup Global Markets Australia Pty Ltd, Commonwealth Bank of Australia, Evans Dixon Corporate Advisory Pty Limited, J.P. Morgan Securities Australia Limited, Morgans Financial Limited, National Australia Bank Limited and Westpac Institutional Bank as Joint Lead Managers.
Macquarie group last traded at $128.12, up by 128.590% with the market capitalization of ~$43.56 Bn as on 25 February 2019. Its current PE multiple is at 16.45, and its EPS last noted at 7.761 AUD. Its 52 weeks high has been noted at $129.87 and 52 weeks low at $100.6. Its absolute return for the last 3 months, 1 year, and 5 years are 11.77%, 24.26%, and 130.81% respectively.
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