NAB doubles size of shares issue
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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.
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