INVESTORS just cannot get enough of Macquarie Bank. Yesterday, the bank raised $750 million through an institutional private placement.
Macquarie Bank will issue 8,620,690 additional ordinary shares at $87.00 per ordinary share. The price reflects a small premium to the last close of $86.79.
The placement shares will rank pari passu with existing ordinary shares except that they will not participate in the 2007 final dividend to be paid on July 04, 2007.
Chief financial officer Greg Ward said the issue received strong support from local and international investors and was significantly oversubscribed, enabling it to be priced at the top end of the bookbuild range.
“The additional capital raised would be used to facilitate the continued strong growth in all regions and across all businesses within the Bank, especially internationally.
“We have experienced unprecedented growth across the entire business. The capital raising will enable this momentum to be maintained,” he added.
The joint lead managers to the issue were Macquarie Equity Capital Markets and JP Morgan.
Meanwhile, Macquarie Bank made a preemptive move by signing an equity deal with specialist property investment company Aviate.
Under the terms of agreement,
Founded in 2001, Aviate specialises in sourcing and conducting due diligence on new investment property opportunities for investors through its network of developers, builders, architects, town planners and industry related sources.
Aviate’s managing director Neil Smoli said this agreement is a significant milestone for Aviate as it will provide the company with the necessary development capital to grow.
Australian Property Journal
