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Bendigo and Adelaide Bank to Redeem AU$125 Million Subordinated Notes

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Bendigo and Adelaide Bank (ASX:BEN) said it will redeem all AU$125 million of its subordinated floating-rate notes due Oct. 14, 2031, on Oct. 14, the first optional early redemption date for the securities, according to a Wednesday Australian bourse filing.

The bank said the redemption has received approval from the Australian Prudential Regulation Authority (APRA), with note holders set to receive the AU$10,000 face value per note along with the final interest payment, subject to the terms and conditions, per the filing.

The bank clarified that the redemption does not signal any intention to redeem other regulatory capital instruments in the future, as such actions would also require approval from APRA, the filing added.

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