Nasdaq-listed financial services firm Marex Group plc said on Tuesday that it had completed a $500 million offering of perpetual subordinated resettable fixed-rate notes in London.
The company said net proceeds will fund general corporate purposes, including a tender offer for its outstanding $100 million 13.25% perpetual subordinated contingent convertible notes announced on 1 June, and acquisitions.
Marex CEO Ian Lowitt said the new notes were priced at 7.7%, down from 13.25% on the previous AT1 issuance.
“We are pleased to have successfully issued $500m of hybrid perpetual securities, which are expected to carry 100% equity credit from S&P post completion of our Bermuda redomiciliation,” Lowitt said.
The Bermuda redomiciliation, which shareholders approved in May, is expected to complete in the second half of 2026. Marex has said the move will simplify its corporate structure, deliver cost savings, and align its governance with Bermuda’s U.S.-style corporate law framework.
Barclays, Goldman Sachs International, and Jefferies International acted as joint bookrunners. Lowitt said the deal was strongly oversubscribed.
Marex acquired Monaco-based commodities firm Levmet on 1 June, adding European power and gas trading capabilities to its platform.
