Marex Group closes $500 million hybrid notes offering

Marex Group plc (NASDAQ: MRX) completed its offering of $500 million perpetual subordinated resettable fixed rate notes, the London-based financial services company announced.

The company plans to use proceeds for general corporate purposes, including funding a tender offer for its existing $100 million 13.25% fixed rate reset perpetual subordinated contingent convertible notes announced June 1, 2026, and financing acquisitions.

The new notes carry a 7.7% rate, compared to 13.25% on the previous issuance. CEO Ian Lowitt stated the securities are expected to receive 100% equity credit from S&P following completion of the company's planned Bermuda redomiciliation.

"We achieved significantly lower pricing at 7.7%, compared to our previous AT1 issuance at 13.25%, which demonstrates the meaningful progress we have made over the past four years," Lowitt said in the announcement.

Barclays Bank PLC, Goldman Sachs International and Jefferies International Limited served as joint bookrunners for the offering.

The notes have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States or to U.S. persons, according to the company's regulatory disclosures.

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