FINWIRES · TerminalLIVE
FINWIRES

National Australia Bank to Issue $1 Billion Subordinated Notes Due 2037

By

National Australia Bank (ASX:NAB) said it will issue $1 billion in fixed-reset subordinated notes due June 2037 under its $100 billion global medium-term note program, according to a Thursday Australian bourse filing.

The bank said the notes will convert into fully paid ordinary shares if the Australian Prudential Regulation Authority determines conversion is necessary on the grounds that the bank would otherwise become non-viable.

The maximum conversion number is 46,572.28 ordinary shares per subordinated note, with a denomination of $250,000, based on an issue-date volume-weighted average price of $26.84, it added.

The bank's shares fell almost 2% in recent Thursday trade.

Related Articles

Asia

EBR Systems to Raise AU$150 Million Via Institutional Placement, Entitlement Offer

EBR Systems (ASX:EBR) is undertaking a fully underwritten institutional placement and entitlement offer to raise AU$150 million, comprising a AU$64.4 million institutional placement and a fully underwritten one-for-two pro rata accelerated non-renounceable entitlement offer to raise about AU$85.6 million, according to a Thursday Australian bourse filing.The company said the institutional placement comprises a AU$29.4 million tranche one placement and a AU$35 million conditional tranche two placement to certain existing securityholders, subject to securityholder approval.Funds advised by Brandon Capital Partners, which are existing securityholders, have committed to take up to AU$46.65 million in aggregate, including AU$35 million via the tranche two placement and sub-underwriting the retail component of the entitlement offer to AU$11.65 million, the filing added.Proceeds will be used to support sales and marketing expansion, manufacturing scale-up, research and development, clinical activities, and working capital, with EBR expecting a pro forma cash balance of about AU$185.3 million following completion and intending to fund the company through to cashflow breakeven, per the filing.

$ASX:EBR
Asia

The Assembly Place Enters Tanglin Road Serviced Apartment Joint Venture

The Assembly Place (SGX:TAP) signed a joint venture agreement with three partners to operate serviced apartments in Tanglin Road, Singapore, according to a Wednesday bourse filing.Shares of the co-living spaces operator were down over 2% in Thursday trading.The development site spans approximately 610,487 square feet, with plans to deliver a 700-key serviced apartment inventory for the venture.TS Homes was awarded master tenancy for the site by the Singapore Land Authority for a period of five years, with potential renewal for another 4 years.The joint venture vehicle has been incorporated under the name TSTAPPRH, with The Assembly Place maintaining a 39% equity stake in the project.The other partners include Dankhim Investment, which boasts a portfolio across real estate, co-living and food solutions, alongside Cheng Huat, a director of Prime Residence Home.

$SGX:TAP
Asia

Aspen Settles Dispute with Malaysian State Development Body

Singapore-listed Aspen (Group) (SGX:1F3) settled a public dispute with Malaysian government development body Penang Development Corp. (PDC) over a request for proposal process, according to a Wednesday bourse filing.The company had submitted the request in connection with the Batu Kawan Industrial Park 2. However, the government body nominated another company for the project.On May 22, the company had moved to clarify how the proposal was characterized publicly, which was followed up by a response from PDC.The disagreement between the two parties centered around the bridge construction component in the proposal. PDC interpreted the commitment to build a bridge as conditional on being granted a first right of refusal over 580 acres of adjacent PDC land.Now, the two parties have held discussions over the matter and closed the argument, with Aspen accepting the outcome of the process.

$SGX:1F3