(18 March 2005 – Australia) Bendigo Bank said it raised US$200 million on the back of an investor update in Europe and Asia.The regional bank said the capital, which was raised through lead managers Nomura International and West LB AG, will be used to fund further expected lending growth.
The bank launched a US$200 million, three year Eurobond under its MTN Program, which will be settled on 1 April.
Bendigo chief financial officer Craig Langford said the transaction was heavily oversubscribed and priced at a re-offer spread of 25 basis points over three month LIBOR (London Interbank Offer Rate) which was a new benchmark for the bank.
“The deal saw continued support from existing investors and the addition of first time buyers attracted to Bendigo Bank’s retail distribution strategy and the improved credit position which was reflected in our recent upgrades to BBB plus by Fitch Ratings and Standard and Poor’s,” Langford said.