Suncorp to raise $250 million in capital notes offer

Suncorp to raise $250 million in capital notes offer | Insurance Business

Suncorp to raise $250 million in capital notes offer
Suncorp Group Limited is seeking to raise $250 million through a capital notes offer in order to fund the needs of one or more regulated entities within the group.

The capital notes are perpetual, unsecured, convertible, subordinated security that will be issued by the insurance giant under a Trust Deed on May 05, 2017.

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The notes may be converted to shares, redeemed, or resold subject to APRA approval and certain conditions from June 17, 2022, with any outstanding notes to be mandatorily converted into ordinary shares on June 17, 2024.

“The Capital Notes Offer will further strengthen Suncorp’s capital position and is a key part of our ongoing funding and capital management strategy,” said Suncorp CFO Steve Johnston.


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