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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news