Macquarie Group Limited (MGL) today announced its intention to raise $400 million (with the ability to raise more or less) through the Macquarie Capital Notes 6 Offer (MCN6, ASX Code: MQGPF).

Shaw and Partners is pleased to be appointed as Joint Lead Manager to the Offer.

The purpose of the transaction is to raise regulatory capital for MGL with the net proceeds intended for general business purposes.

MQGPF are structured as perpetual, subordinated, unsecured and convertible notes. Distributions are discretionary, noncumulative, floating rate payments, franked at the same rate as MGL ordinary shares (currently 40%) and payable on a quarterly basis in arrears until MCN6 are exchanged, redeemed or written- off.

The margin is guided to be 3.70-3.90% p.a. above 90-day BBSW.
 
This security has no fixed maturity date but is scheduled for mandatory exchange into MGL ordinary shares on 12 September 2032, or the next distribution payment date on which the exchange conditions are satisfied. At the Issuer's discretion, the Notes may be resold or exchanged, or subject to APRA approval redeemed on 12 September 2029, 12 March 2030 or 12 September 2030. The Notes may also be redeemed subject to APRA approval or resold or exchanged into MGL ordinary shares if a Tax Event or Regulatory Event occurs, subject to conditions. The Notes will convert into MGL ordinary shares following an Acquisition Event, subject to conversion conditions.

For more information please contact your Shaw and Partners adviser.