Suncorp Bank Limited
(ASX:SUN) announced it intends to issue Capital Notes to raise $250 million.
The Capital Notes will be new perpetual, subordinated, convertible, unsecured securities, quotable and tradable on the ASX.
The bank expects the Capital Notes will also be fully franked and paid quarterly.
Suncorp is issuing the notes to fund the capital needs of one or more of its regulated entities in the Suncorp Group.
Suncorp says the notes will strengthen its capital position and be a key part of its ongoing funding and capital management strategy.
Shares in Suncorp Bank Limited
(ASX:SUN) last traded 1.3% higher at $13.11 at Friday’s close.
