CBA sells A$750m of new stock to replace hybrid notes

10 Dec 2008

Commonwealth Bank of Australia said on Wednesday it would sell A$750m of new stock to refinance hybrid securities, as it looked to follow Westpac’s lead in tapping the equity markets for fresh capital.

CBA will sell A$750m of new shares to Merrill Lynch and use the proceeds to refinance the same amount of Perpetual Exchangeable Resettable Listed Securities (PERLS II) in March.

“The upfront financing of the PERLS II exchange provides a simple and efficient redemption process for our PERLS II ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial