Bendigo secures offshore funds
(30 March 2004 – Australia) Bendigo Bank has raised US$150 million in offshore markets after investor updates in Hong Kong and Singapore.
The bank said it had launched a US$150 million, three year Eurobond under its Euro MTN program which was settled on March 26. The lead manager was Nomura International PLC.
Bendigo’s chief financial officer Craig Langford said the transaction was heavily oversubscribed and priced at a re-offer spread of 37 basis points over three month London Interbank Offer Rate.
Langford said this was a "new benchmark for Bendigo Bank" and that it had attracted a number of first-time buyers.
"The proceeds will be used to refinance a US$50 million maturity in June, as well as funding ongoing asset growth."
Last week, ratings agency Fitch upgraded Bendigo’s credit position to BBB-plus.
Bendigo’s chief financial officer Craig Langford said the transaction was heavily oversubscribed and priced at a re-offer spread of 37 basis points over three month London Interbank Offer Rate.
Langford said this was a "new benchmark for Bendigo Bank" and that it had attracted a number of first-time buyers.
"The proceeds will be used to refinance a US$50 million maturity in June, as well as funding ongoing asset growth."
Last week, ratings agency Fitch upgraded Bendigo’s credit position to BBB-plus.
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