Bendigo Bank in $200m raising

By Mitchell Neems

Proceeds from the debt issue will be partly used to fund the redemption of Bendigo's Step Up Preference Shares, as well as for general corporate purposes.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

The shares are fully paid, non-cumulative, perpetual, convertible preference shares and will qualify as additional Tier 1 Capital under APRA’s Basel III capital adequacy framework.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

Bendigo and Adelaide Bank will raise around $200 million through a debt issue of convertible preference shares.

The issue will support Bendigo's balance sheet growth and will ensure the lender continues to have strong regulatory capital levels.

Goldman Sachs Australia is the arranger and joint lead manager to the offer, while ANZ Securities, Evans & Partners and Morgan Stanley Australia will also act as joint lead managers.

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Read more here: Business Spectator


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