Investment Opps

Crown Resorts Limited has announced an offer for Subordinated Notes to raise approximately $400m, with the ability to raise more or less. The offer is part of Crown’s capital management strategy, and the funds will be used for general corporate purposes including Crown Sydney, Crown Towers Perth, and other growth projects. The Notes are due for repayment in April 2075, subject to Crown’s right to redeem notes at any time from July 2021. Holders will receive quarterly interest payments at BBSW + a margin. The initial margin is being determined under Bookbuild with Institutional and Sophisticated Investors, and is expected to be in the range of 4.00% to 4.20% p.a. UBS and Deutsche Bank are Joint Structuring Advisers and Joint Lead Managers. ANZ Securities, Commonwealth Bank, NAB and Westpac have also been appointed as Joint Lead Managers. For further information please see https://www.crownnotesoffer.com/offer/

AMP Ltd is seeking to raise $150m with the ability to raise more or less through the AMP Wholesale Capital Notes. The Notes will be fully paid, perpetual, unsecured, subordinated debt obligations of AMP. Distributions are discretionary, semi-annual, and based on 6 mth BBSW + margin. The notes will mandatorily convert after 7 years subject to certain conditions. The offer is only open to Wholesale Investors, and the margin will be determined via a bookbuild process.

As part of RIO’s commitment to increase cash returns to shareholders, they have included a US$2billion share buy-back programme. A$500m of shares in an off-market buy-back, and US$1.6b of RIO Tinto PLC as an on-market buy-back.

NAB announced the successful completion of the Bookbuild and will issue $1.25b of Capital Notes, and has set the margin at 3.5%. The offer opens 25th February 2015 and is expected to close 16th March 2015. NAB Capital Notes are fully paid mandatorily convertible subordinated perpetual notes issued directly by NAB. They will mandatorily convert into NAB Ordinary Shares on 23rd March 2022 provided certain conditions are met. Joint lead managers are NAB, Evans and Partners, Deutsche Bank AG, JP Morgan Australia Ltd. For more information please visit www.nab.cm.au/ncnoffe

Tabcorp has announced a fully underwritten pro rata accelerated renounceable entitlement offer of new Tabcorp share to raise $236m. The capital raising will fund a special dividend, and is intended to maintain the current balance sheet and capital position of Tabcorp. Eligible shareholders can subscribe for 1 New Share for every existing 12 Tabcorp ordinary shares. The record date is 7pm (Sydney time) on the 10th February 2015, and the offer price is $3.70 per New Share.