| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Macquarie Group Ltd. > News item |
Macquarie Capital begins tender offer for 6.177% perpetual preferreds
By Marisa Wong
Madison, Wis., May 21 – Macquarie Capital Funding LP has begun a cash tender offer to purchase any and all of its £350 million 6.177% guaranteed non-cumulative step-up perpetual preferred securities, according to a notice.
There is £42.5 million of the preferreds outstanding.
The company is offering to purchase the securities at 103 plus accrued distributions and is also offering a 2.5% early tender payment to holders who tender their securities by 11 a.m. ET on June 4, the early tender deadline.
The tender offer expires at 11 a.m. ET on June 15 and is expected to settle on June 22.
The company is also asking securityholders to approve some changes to the terms and conditions of the perpetual preferreds allowing the company to redeem any remaining securities in full upon completion of the tender offer.
The holders will consider the proposal at a meeting to be held on June 17.
Holders who deliver voting instructions in favor of the proposal by the early tender deadline are eligible to receive an additional consideration of 2.5%. The early consent amount is conditioned on, among other things, the resolution passing at the meeting.
The tender offer and proposal are part of Macquarie Group Ltd.’s ongoing capital management, the notice said.
The company said it had approached some securityholders before the start of the tender offer. Holders of roughly 45% of the outstanding preferreds have agreed to tender all of their securities.
J.P. Morgan Securities plc (+44 20 7134 3438 / +44 7134 3414, attn.: liability management, emea_lm@jpmorgan.com) is the dealer manager, and Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Thomas Choquet, macquarie@lucid-is.com) is the tender agent.
The financial services and banking company is based in Sydney, Australia.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.