Ampol launches $400m subordinated notes offer
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The news: Ampol has launched a new $400 million delayed draw subordinate notes facility as part of its ongoing capital management and refinancing strategy.
The context: The new 12-year note, set to mature in 2058, comprises two tranches of $250 million and $150 million respectively. The notes will be offered exclusively to institutional investors and are fully underwritten by a cornerstone investor group.
This follows the success of its previous notes in October and December, which secured a combined $1 billion in total value.
The notes are expected to receive 50% equity credit from Moody’s, in line with Ampol’s existing subordinated debt instruments.
What they said: “Markets conditions remain attractive and provide an opportune time to secure long-term capital which is linked to our future hybrid refinancing initiatives,” Ampol group CEO Greg Barnes said.
“The transaction is another example of our proactive approach to capital management,” he added.
The source: ASX
