On 17 December 2019, Suncorp Group Limited (“SUN”) announced it has completed the Capital Notes 3 offer (the Offer), raising $389 million.
All valid applications under the Reinvestment Offer and Securityholder Offer were accepted in full.
The Notes were issued today and are expected to begin trading on a deferred settlement basis on the Australian Securities Exchange (ASX) on 18 December under the ASX code "SUNPH".
The first Distribution payment will be $0.6807 per Note and is expected to be paid on 17 March 2020. The (net) Distribution Rate was calculated as 2.7302% and was based on the 3-month Bank Bill Rate of 0.9003% and the Margin of 3.00%.
For the purposes of Conversion calculations, the Issue Date VWAP is $13.20 and the Maximum Conversion Number is 15.1515 for Mandatory Conversion or 37.8788 for any other Conversion.