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

 


ASB Bank Limited sets rate on subordinated note offer

ASB Bank Limited sets rate on subordinated note offer

ASB Bank Limited ("ASB") today announced the interest rate applicable to its offer of subordinated unsecured debt securities ("ASB Notes") to raise up to NZ$300 million, with the ability to accept oversubscriptions of up to NZ$100 million ("Offer").

The interest rate until the Call Option Date (15 June 2019) has been set at 6.65% p.a. This reflects a margin of 2.05% p.a. over the five year swap rate on 24 March 2014 of 4.60% p.a. The interest rate will be reset on the Call Option Date, but the margin of 2.05% p.a. will not change over the term of the ASB Notes.

Applications to subscribe for ASB Notes must be for a minimum principal amount of NZ$5,000 (and in multiples of NZ$1,000 thereafter).

ASB Notes are due to be repaid in full on the maturity date (15 June 2024). ASB Notes may, depending on the circumstances, be repaid earlier, exchanged into ordinary shares in Commonwealth Bank of Australia ("CBA"), or if this exchange cannot occur, holders' rights under the relevant ASB Notes will be terminated.

Investments in ASB Notes are an investment in ASB and may be affected by the ongoing performance, financial position and solvency of ASB. ASB Notes may also be affected by the ongoing performance, financial position and solvency of CBA. They are not deposit liabilities or protected accounts of CBA for the purposes of the Banking Act 1959 (Cth). CBA does not guarantee ASB or the ASB Notes.

The full details of the Offer are contained in an investment statement dated 17 March 2014 and may be viewed at www.asb.co.nz/subordinated-notes.

Application has been made to NZX for permission to quote ASB Notes on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this media release have been duly complied with. However, ASB Notes have not yet been approved for trading and NZX accepts no responsibility for any statement in this media release. NZX is a registered exchange and the NZX Debt Market is a registered market under the Securities Markets Act 1988.
ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news