The bank claims the proceeds of the offer are for “general corporate purposes” and reserves the right to increase or decrease the size of the offer if necessary.
The Notes will constitute Basel III-compliant Additional Tier 1 Capital.
The transaction will be primarily managed by ANZ Securities, Citigroup, Commonwealth Bank of Australia, JP Morgan, National Australia Bank and RBS Morgans.
The offering is expected to be made available to investors as of July 7, with a completion aimed by August 7, after which the notes will be able to be traded on the Australian Securities Exchange.
The bank also reserves the right to convert the notes into a variable number of ANZ ordinary shares if the company encounters severe financial difficulty. In this case, a holder may suffer a loss. ANZ stated that in addition, this conversion can also occur if a “change of control event occurs” or there is a “tax event or regulatory event”.
