Latitude Group Holdings To Raise Around AU$100 Million Via Issuance Of Perpetual, Subordinated Notes

MT Newswires Live

Mar 24

Latitude Group Holdings (ASX:LFS) plans to raise around AU$100 million via the issuance of perpetual, subordinated, unsecured notes under its capital notes 2 offer, according to a Tuesday Australian bourse filing.

The offer includes a reinvestment offer to eligible holders of its capital notes 1 to reinvest all or some of their capital notes 1 in capital notes 2. The firm said it would endeavor to give priority to applications received under the reinvestment offer. The record date for the reinvestment offer is March 20.

The offering is expected to open on April 1 and close on April 20. Holders of the capital notes 2 are expected to receive quarterly, floating-rate discretionary distributions, which are cumulative, with the margin expected to be in the range of 4.15% to 4.35 % per annum.

The proceeds from the issuance will be used for general corporate purposes, including to fund the potential redemption of capital notes 1 that are not reinvested.

Its shares rose 2% in recent trading on Tuesday.

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