Loan & DebtJun 9, 2026, 04:37 PM
Marex Group Closes U.S.$500M Hybrid Notes Offering at 7.7%
AI Summary
Marex Group plc announced the successful closing of its U.S.$500 million perpetual subordinated resettable fixed rate notes offering. 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 for acquisitions. CEO Ian Lowitt highlighted the significantly lower pricing of 7.7% compared to previous issuances, attributing it to the company's progress and the benefits of its proposed Bermuda domicile, which led to strong oversubscription and broad investor participation.
Key Highlights
- Closed U.S.$500 million perpetual subordinated resettable fixed rate notes offering.
- Net proceeds for general corporate purposes, including funding a tender offer and acquisitions.
- New notes priced at 7.7%, significantly lower than previous 13.25% AT1 issuance.
- Expected to receive 100% equity credit from S&P post-Bermuda redomiciliation.
- Offering saw strong oversubscription and broad participation from investors.
- Barclays, Goldman Sachs, and Jefferies acted as Joint Bookrunners.
Price Impact
More from MRX