Aug 31 (Reuters) - IOOF Holdings Ltd IFL.AX :
* ACQUISITION OF MLC AND RESULTS ANNOUNCEMENT
* ENTERED INTO TRANSACTION AGREEMENTS WITH NAB TO ACQUIRE 100% OF NAB'S WEALTH MANAGEMENT BUSINESS (MLC) FOR $1,440 MILLION,
* ACQUISITION IS EXPECTED TO DELIVER IN EXCESS OF 20% EPS ACCRETION ON AN FY21F PRO FORMA BASIS
* IOOF IS ACQUIRING GODFREY PEMBROKE AND MLC BRANDS BUT WILL NOT BE ACQUIRING MERITUM, APOGEE OR GARVAN BRANDS
* NAB WILL RETAIN AFSL HOLDERS THAT OPERATE MLC'S ADVICE BUSINESS
* TARGETING PRE-TAX SYNERGIES OF $150 MILLION PER ANNUM BY THIRD FULL YEAR OF OWNERSHIP ON A RUN-RATE BASIS FROM DEAL
* RESTATING ITS COMMITMENT TO ITS DIVIDEND POLICY OF PAYING OUT 60 - 90% OF UNDERLYING NPAT
* CONSIDERATION WILL BE FUNDED VIA $1,040 MILLION FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT & ACCELERATED NON-RENOUNCEABLE ENTITLEMENT OFFER
* CONSIDERATION WILL BE FUNDED VIA $250 MILLION OF INCREMENTAL SENIOR DEBT VIA AN UNDERWRITTEN SYNDICATED DEBT FACILITY, AMONG OTHERS
* AS PART OF TRANSACTION, IOOF WILL EXPAND ITS TOTAL DEBT FACILITIES BY $250 MILLION IN TOTAL FACILITY LIMITS
* ENGAGED CITI AND NAB TO UNDERWRITE $920 MILLION OF TOTAL DEBT FACILITIES AS A BACKSTOP TO SYNDICATED FACILITY
* TRANSACTION COMPLETION IS EXPECTED BEFORE 30 JUNE 2021
* UNDERTAKING A FULLY UNDERWRITTEN 1 FOR 2.09 ENTITLEMENT OFFER TO RAISE $588 MILLION, AND A FULLY UNDERWRITTEN $452 MILLION PLACEMENT
* EQUITY RAISING WILL BE CONDUCTED AT $3.50 PER NEW SHARE