ANZ to raise $750m
Australia and New Zealand Banking Group Limited (ANZ) launched a convertible preference share offer to raise $750 million. The company said the offer forms part of its diversified capital management strategy and follows reductions in Tier 1 capital following hybrid capital redemptions and notices of redemption totaling approximately $1 billion over the past six months.
The bank added that it has the ability to increase or reduce the size of the offer.
ANZ said prior to this offer, hybrid capital, both innovative and non-innovative, constituted approximately 14% of the company’s Net Tier 1 capital compared to the 25% maximum imposed by the Australian Prudential Regulatory Authority.
The company said the preference shares would convert into ordinary shares on 15 December 2016, with the offer expected to open on 18 November 2009.
ANZ said the offer would be open to Australian resident holders of ordinary shares or convertible preference shares issued by ANZ in September 2008 on the register Friday, 30 October 2009.
The company said the closing date for the ANZ Securityholder Offer and General Offer is currently scheduled on 10 December 2009, with the convertible preference shares to commence trading on 18 December 2009.
As at 1045 AEDT, ANZ shares were up 31c to $22.97.
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