Loan & DebtJun 9, 2026, 04:06 PM
Marex Completes $500M Perpetual Subordinated Notes Offering at 7.7%
AI Summary
Marex Group plc has successfully completed an offering of U.S.$500 million perpetual subordinated resettable fixed rate notes at a rate of 7.7%. The company intends to use the net proceeds for general corporate purposes, including funding a tender offer for its outstanding U.S.$100 million 13.250% notes and financing acquisitions. CEO Ian Lowitt highlighted the significantly lower pricing compared to previous issuances and strong investor demand, attributing it to the company's progress and proposed Bermuda domicile.
Key Highlights
- Marex completed a U.S.$500 million offering of perpetual subordinated resettable fixed rate notes.
- The new notes carry a fixed interest rate of 7.7%, significantly lower than previous issuances.
- Proceeds will fund a tender offer for U.S.$100 million of existing 13.250% notes.
- Funds will also be used for general corporate purposes and future acquisitions.
- The new notes are expected to receive 100% equity credit from S&P post Bermuda redomiciliation.
- The offering was strongly oversubscribed, demonstrating confidence in Marex's investment proposition.
- Barclays Bank PLC, Goldman Sachs International, and Jefferies International Limited acted as Joint Bookrunners.
Price Impact
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