AMP is raising around $300 million via a Tier 2 capital raising.
AMP chief executive Craig Dunn stated the company had been evaluating options to raise Tier 2 capital to optimise the efficiency of AMP’s capital mix, meet general funding requirements and support the refinancing of subordinated debt.
He stated AMP was viewing to raise up to $300 million through the offer, with an option to accept more or less depconcludeing on investor interest.
Dunn stated the AMP board’s decision to offer AMP notes reflected a prudent approach to capital preservation and a bias towards holding more capital than less to give added strength to the company’s balance sheet through challenging markets.
The AMP notes take the form of interest bearing, unsecured subordinated debt securities.
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