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

 


Kiwi Capital Funding Limited Announces Capital Note Offer

Kiwi Capital Funding Limited Announces Capital Note Offer

Kiwi Capital Funding Limited (KCFL) has today announced an offer of up to $100 million of unsecured subordinated Capital Notes to the New Zealand public.

Proceeds of the offer of Capital Notes will be used to invest in convertible subordinated bonds to be issued by Kiwibank (a related company of KCFL), which will help Kiwibank meet its regulatory capital requirements under the Reserve Bank’s Basel III framework.

The Capital Notes have a maturity date of 15 July 2024 but may be called, if certain conditions are met, by KCFL from 15 July 2019 and earlier for tax or regulatory reasons. The Capital Notes have a credit rating of BB+ from Standard & Poor’s, reflecting their subordination and loss absorption features.

Interest is scheduled to be paid semi-annually on the Capital Notes.* The Margin and interest rate for the first five years until 15 July 2019 will be set following a bookbuild on Wednesday 14 May 2014 and announced on or before the Opening Date.

The Offer is expected to open on Thursday 15 May 2014 and close on Tuesday 3 June 2014 at 5pm. Interested investors should contact one of the Joint Lead Managers to the offer (listed below) or their usual financial adviser to request a copy of KCFL’s Investment Statement for the Capital Notes.

• Deutsche Craigs Limited 0800 226 263

• Forsyth Barr Limited 0800 367 227

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news