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Macquarie gets tenders for £30.9 million 6.177% perpetual preferreds
By Marisa Wong
Madison, Wis., June 17 – Macquarie Capital Funding LP said that holders had tendered £30.9 million of its outstanding 6.177% guaranteed non-cumulative step-up perpetual preferred securities as of 11 a.m. ET on June 15, the expiration of its previously announced tender offer.
The company offered to purchase for cash any and all of its outstanding 6.177% perpetual preferreds. The tender offer began on May 21.
There was £42.5 million of the original £350 million preferreds outstanding at the beginning of the offer.
The company will purchase the securities at 103 plus accrued distributions and will also make a 2.5% early tender payment to holders who tendered their securities by 11 a.m. ET on June 4, the early tender deadline.
The tender offer is expected to settle on June 22.
The company had also asked 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 voted in favor of the proposal at a meeting held on June 17.
Holders who delivered voting instructions in favor of the proposal by the early tender deadline will receive an additional consideration of 2.5%.
The company said it will redeem the remaining outstanding securities in full on June 22 at 103.
The tender offer and proposal are part of Macquarie Group Ltd.’s ongoing capital management, a previous notice said.
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.
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