Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwibank Announces Subordinated Bond Offer

MEDIA RELEASE


5 November 2012

Kiwibank Announces Subordinated Bond Offer

Kiwibank Limited has today announced an offer of up to $150 million of unsecured, Subordinated Bonds to the New Zealand public. The proceeds of the offer will be used to provide Kiwibank with additional capital to meet its growth aspirations. Kiwibank intends to treat the Subordinated Bonds as 'tier 2' capital instruments under the Reserve Bank’s Basel III framework.

The Subordinated Bonds have a maturity date of 15 December 2022 but may be called by Kiwibank from 15

December 2017, and earlier in certain circumstances. The Subordinated Bonds are expected to have a credit

rating of BB+ from Standard & Poor’s.

The Subordinated Bonds will pay interest semi-annually. The Interest Rate for the first five years until 15 December 2017 and Margin will be set and announced to the market on Tuesday 13 November following a bookbuild.

The Offer is expected to open on Wednesday 14 November 2012 and close on Wednesday 5 December 2012 at 5pm. Interested investors should contact their usual financial adviser or one of the joint lead managers or co-managers to the Offer listed below to request a copy of Kiwibank’s Investment Statement for the Subordinated Bonds.

• Craigs Investment Partners Limited (Arranger and Joint Lead Manager) 0800 226 263

• Kiwibank Limited (Joint Lead Manager) 0800 756 829

• ANZ (Co-manager) 0800 ANZ IPO 0800 269 476

• Forsyth Barr Limited (Co-manager) 0800 367 227

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news