Business Services Industry
Macbank's hybrid offer on airport.
Australasian Business Intelligence, June, 2002
ABIX via COMTEX) -- Australia's Macquarie Bank has announced details of a new hybrid fund-raising instrument, called FLIERS. The acronym stands for Floating Rate IPO Exchangeable Reset Security. Basically, these are 10-year redeemable convertible preference shares that pay a floating rate dividend each quarter. They also hold an investment grade rating. Macquarie Equity Capital Markets developed the product with UBS Warburg. Both companies will share $A400 million worth of underwriting exposure, should Macquarie want to raise some $A600 million in any float of its newly acquired Sydney Airport.
Publication Date: 26 June 2002
MACQUARIE BANK LIMITED - ASX MBL: MACQUARIE EQUITY CAPITAL MARKETS
LIMITED:
UBS WARBURG AUSTRALIA LIMITED:...
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