NAB doubles size of shares issue

Lender lifts size of convertible preference share issue from $750m to $1.5bn.

National Australian Bank has increased the size of its convertible preference share issue from $750 million to at least $1.5 billion as a result of strong demand.

In a release to the Australian Securities Exchange, NAB said the issue had the ability to raise more or less than the initial $1.5 billion, with the proceeds to be used for general corporate purposes.

NAB said the margin had been set at 3.25% per annum, the low end of the indicative margin range of 3.25% to 3.40% per annum. 

The final size of the offer may be increased further, "subject to applications received and accepted under the securityholder offer and general offer," the lender said.