QBE Insurance Group (ASX:QBE) priced an offering of $500 billion of US dollar-denominated fixed rate resetting subordinated notes due 2035 under its notes issuance program, according to a Friday filing with the Australian bourse.
The subordinated notes, which will qualify as Tier 2 capital under the Australian Prudential Regulation Authority's (APRA) capital adequacy framework, are callable by QBE after Oct. 3, 2030, subject to APRA approval, the filing said.
The notes will mature on Oct. 3, 2035, and pay an initial fixed interest rate of 5.8% per annum, paid semi-annually, the filing added.
If APRA determines that QBE is, or would become, non-viable, the notes will convert into ordinary shares, the company said.
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