NAB has launched NAB Capital Notes 8, a new Additional Tier 1 Capital security. This offer is set to be listed on the ASX and aims to raise $750 million, with the flexibility to adjust the amount based on demand.
Details of the Offer
The offer includes two primary components:
- Broker Firm Offer: This segment is open to Australian resident clients of Syndicate Brokers. Eligible participants include Wholesale Clients and Retail Investors within the Notes Target Market who have received tailored financial advice from a qualified adviser. Investors can apply for an allocation of NAB Capital Notes 8 through their Syndicate Broker.
- Institutional Offer: Selected Institutional Investors, invited by NAB, can place bids for NAB Capital Notes 8 during the Bookbuild process.
NAB and the Joint Lead Managers reserve the right to close or extend the Offer Period at their discretion, or withdraw the offer entirely prior to the issuance of NAB Capital Notes 8.
Some Key Features of NAB Capital Notes 8
- NAB Capital Notes 8 are convertible, subordinated notes with quarterly, floating rate, non-cumulative cash distributions, contingent upon certain conditions.
- The Distribution Rate combines the Bank Bill Rate with a Margin, adjusted for NAB’s Tax Rate.
- The Margin, determined during the Bookbuild, will remain fixed for the duration of the notes. It is anticipated to fall within the range of 2.60% to 2.80% per annum.
- Further information available in the Prospectus.
Joint Lead Managers:
- National Australia Bank Limited
- ANZ Securities Limited
- Bell Potter Securities Limited
- Commonwealth Bank of Australia
- E&P Corporate Advisory Pty Ltd
- Morgans Financial Limited
- Ord Minnett Limited
- Shaw and Partners Limited
- UBS AG, Australia Branch
- Westpac Institutional Bank (a division of Westpac Banking Corporation)
Co-Managers:
- JBWere Limited
- LGT Crestone Wealth Management Limited
- Wilsons Advisory and Stockbroking Limited
For more detailed information see https://www.nab.com.au/about-us/shareholder-centre/alternative-securities/nab-capital-notes-8
