Suncorp today announced the completion of its Capital Notes offer (ASX: SUNPF) raising $375 million (up from the indicative offer size of $300 million).
The group allocated $300 under the Broker Firm and Institutional Offer and allocated $75 million under the Securityholder Offer. The notes were issued today on the 5th of May 2017 and are expected to begin trading on a deferred settlement basis on the 8th of May 2017.
The first distribution payment with be $1.5219 per note (distribution rate of 4.0845%) and is expected to be paid on the 18th of September 2017.
For the purposes of the conversion, calculation the maximum conversion number is set at 14.8148 (Issue Date VWAP of $13.50) in respect to mandatory conversion (37.0370 is respect to any other conversion). If conversion cannot occur for any reason the notes will be written off and all holders rights terminated.