ANZ Announces Institutional Placement And SPP To Raise Total Of A$3 Bln

(RTTNews) - Australia And New Zealand Banking Group Ltd. (ANZ, ANZBY.PK, ANZ.AX) or ANZ announced a fully underwritten institutional share placement to raise A$2.5 billion. The Placement will be followed by an offer to ANZ's eligible Australian and New Zealand shareholders who will have the opportunity to participate in a Share Purchase Plan or SPP to raise around A$500 million. The SPP is not underwritten.

ANZ noted that the Institutional Placement and SPP will allow it to more quickly and efficiently accommodate additional capital requirements recently announced by the Australian Prudential Regulation Authority or APRA, in particular the increase in average credit risk weights for major bank Australian mortgage portfolios to 25% taking effect from 1 July 2016.

The Institutional Placement include: The Placement size is fixed at A$2.5 billion and will not be increased. The final issue price will be determined through an accelerated book-build to be completed today in a price range up from A$30.95 (underwritten floor price).

The Placement has been fully underwritten by Citigroup Global Markets Australia Pty Limited,Deutsche Bank AG, Sydney Branch and J.P. Morgan Australia Limited.

ANZ's shares have been placed in a trading halt with trading expected to resume at 10.00 am on 7 August 2015.