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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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