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Suncorp Group Completes AU$200 Million Subordinated Notes Issuance

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Suncorp Group (ASX:SUN) completed a AU$200 million issue of unsecured subordinated notes in an offering to institutional and wholesale investors, according to a Wednesday filing with the Australian bourse.

The notes due 2037 were issued at a margin of 150 basis points over the three-month bank bill swap rate.

The company said it plans to use the proceeds to fund Tier 2 capital for entities within the Suncorp Group, and for general funding purposes.

Suncorp Group shares were down 1% in recent Wednesday trade.

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