NAB - Capital Security Issue
September 23 2003 - 3:03AM
UK Regulatory
RNS Number:0458Q
National Australia Bank Ld
23 September 2003
Group Corporate Affairs
National Australia Bank Limited
ABN 12004044937
500 Bourke Street
Melbourne Victoria 3000
Australia
Telephone: (03) 8641 3580
Facsimile: (03) 8641 4925
ASX Announcement
National's Hybrid Tier 1 Capital Security issue
National Australia Bank today announced an issue of GBP400 million Tier 1 Trust
Preferred Securities. The securities carry a coupon of 5.62% which represents a
margin of 0.93% over the benchmark UK government security. The perpetual
securities are callable on 17 December 2018 subject to the approval of APRA.
Based on this attractive pricing, the deal was increased by 33% from its
original GBP300m target.
An issue of Tier 1 capital is consistent with the National's strategy of
maintaining an efficient capital structure through active capital management.
The proceeds from the Tier 1 issue will be used by the National's London Branch
for operational banking purposes.
Melbourne, Tuesday, 23 September 2003
For further information, please contact: Brandon Phillips
Group Manager Media
Group Corporate Affairs
(03) 8641 3857
This statement does not constitute, and may not be used for the purpose of, an
offer or invitation by any person to subscribe for or purchase any securities in
the United Kingdom or elsewhere. The securities offered will not be registered
under the U.S. Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements.
Stabilisation/FSA - In connection with any issue and distribution of any trust
preferred securities, the National may appoint a person who may over-allot or
effect transactions with a view to supporting the market price of the trust
preferred securities at a level higher than that which might otherwise prevail
for a limited period. However, there may be no obligation on the person
appointed to do so and such stabilising, if commenced, may be discontinued at
any time and must be brought to an end after a limited period.
This information is provided by RNS
The company news service from the London Stock Exchange
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