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.
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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.
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.
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