ClearView Wealth (ASX:CVW) priced a new issue of AU$120 million subordinated notes to wholesale investors, according to a Tuesday Australian bourse filing.
The notes are expected to be issued on or around March 27 and will have a maturity of 10 years from the issuance date. Each note will have a notional face value of AU$10,000, with a minimum subscription amount of AU$500,000, the filing said.
The margin was under a bookbuild process, set at 350 basis points over the three-month bank bill swap rate. Interest will be payable quarterly and will be calculated based on the bank bill swap rate plus the margin.
ClearView expects to use the net proceeds of the issuance for general corporate and/or capital management purposes, which includes funding tier-2 capital of ClearView Life Assurance, a life insurer within the ClearView Group.
Mitsubishi UFJ Financial Group and Westpac Banking (ASX:WBC, NZE:WBC) are the joint lead managers for the issuance.
The firm's shares fell 5% in recent trading on Tuesday.
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