Bendigo and Adelaide Bank's Capital Notes 2 Offer

Bendigo and Adelaide Bank Limited (BEN) has announced an offer of Capital Notes 2 (CN2) including a reinvestment offer to eligible CPS4 holders. The Reinvestment Offer allows eligible CPS4 holders to apply to reinvest all or some of their CPS4 in CN2. The CN2 are fully paid, non-cumulative, perpetual, subordinated, unsecured, convertible notes providing investors with floating rate, quarterly, discretionary, non-cumulative distributions expected to be fully franked. The Offer aims to raise approximately $250 million to fund the redemption of CPS4 and for general corporate purposes. The Reinvestment Offer is expected to open on 5 March 2024 and close on 19 March 2024.

Executive Commentary on Capital Notes 2 Offer

The Offer includes a new money offer to eligible clients of Syndicate Brokers and institutional investors. The eligibility requirements and application process have been changed, and all applications must be made through a Syndicate Broker. CPS4 holders who do not wish to participate in the Reinvestment Offer do not need to take any action. The Reinvestment Offer is optional for eligible CPS4 holders.

Summary of Capital Notes 2 Offer

Bendigo and Adelaide Bank Limited (BEN) has announced an offer of Capital Notes 2 (CN2) including a reinvestment offer to eligible CPS4 holders. The Offer aims to raise approximately $250 million to fund the redemption of CPS4 and for general corporate purposes. The Reinvestment Offer allows eligible CPS4 holders to apply to reinvest all or some of their CPS4 in CN2. The CN2 are fully paid, non-cumulative, perpetual, subordinated, unsecured, convertible notes providing investors with floating rate, quarterly, discretionary, non-cumulative distributions expected to be fully franked. The company has made important changes to the eligibility criteria and application process in response to product design and distribution obligations. The Reinvestment Offer is expected to open on 5 March 2024 and close on 19 March 2024. BEN has provided contact details for Syndicate Brokers and investor information for further inquiries.