Commonwealth Bank of Australia (ASX: CBA) today closed the offer of PERLS IX (ASX: CBAPF) raising $1.64 billion (up from the indicative offer size of $1.45 billion).
For the purposes of the exchange calculation the maximum conversion number is set at 2.3786 (Issue Date VWAP of $84.0828) in respect to mandatory exchange (5.9465 in respect of any other conversion). We remind investors that if conversion cannot occur for any reason the notes will be written off and all holders rights terminated.
The interest rate for the first interest period is 3.9865% p.a. which translates to a cash distribution of $0.8301 as the first interest payment.
The notes are expected to commence trading on the 3rd of April 2017 on a deferred settlement basis and on a normal settlement basis (T+2) on the 5th of April 2017.