AMP launches capital raising
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AMP Ltd is looking to raise $200 million in capital through a new offer of ASX-listed, subordinated, unsecured debt securities.
In a statement to the Australian Securities Exchange, the financial services group said the AMP Subordinated Notes 2 (AMP Notes 2) would be used primarily to fund Tier 2 capital throughout the group and for general corporate, funding and capital management purposes.
The securities will be available to eligible AMP Notes holders via a reinvestment offer as well as to security holders, institutional investors, clients of syndicate brokers and other satisfactory members of the public, the group said.
AMP plans to open the offer on November 13, with the securities to begin trading on December 19.
"AMP is looking to raise $200 million through the issue of AMP Notes 2 with the ability to raise a higher or lower amount," the group said.
“The funds raised will optimise the efficiency of AMP’s balance sheet while increasing the company's flexibility to meet general funding requirements and support the refinancing of subordinated debt of AMP group," AMP chief financial officer Colin Storrie said.
"This includes the AMP subordinated notes issued in 2009, known as AMP Notes.”
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