AMP announced its intention to raise $200 million through the issue of AMP Subordinated Notes 2 last week; however, with the bookbuild completed ahead of time it has increased its offer to “at least” $300 million.
The bank said the final size of the offer will depend on the volume of applications received and accepted under the reinvestment, with securityholder and general offers expected to open this Thursday.
“We are very pleased with the level of support the offer has attracted from syndicate brokers, institutional investors and third party brokers, which has enabled us to bring forward the close of the bookbuild,” AMP chief financial officer Colin Storrie said.
“AMP Notes holders, eligible securityholders and members of the public who have not participated in the bookbuild process are able to make an application for AMP Notes 2 from 14 November.”
AMP announced the launch of AMP Notes 2 on 6 November 2013 in order to fund Tier 2 Capital of one or more regulated entities within the AMP Group as well as corporate, funding and capital management purposes.
AMP Subordinated Notes 2 are expected to begin trading on the ASX on 19 December 2013.
