JP said the last cap raise was "to ensure we have sufficient flexibility to take advantage of opportunities within the market while we transition back to normalising our banking arrangements".
I guess they've given up on ANZ! I think the banks are getting more risk averse and want to continue reducing exposure to mining etc - after a few big losses.
7.5% looks to me to be about the same interest rate they are paying on the existing ANZ debt (e.g. for FY2015 and FY2016 I calc about 7.75% on avg debt).
So all good - they have got the flexibility they need now. Personally I don't see any down sides to this (assuming it is taken up by investors of course).
Any thoughts by anyone who sees any negatives?
Ann: Corporate Note Offering, page-2
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