- Release Date: 11/11/15 09:37
- Summary: GENERAL: BNZ: BNZ Announces Subordinated Notes Offer
- Price Sensitive: No
- Download Document 2.52KB
BNZ 11/11/2015 09:37 GENERAL NOT PRICE SENSITIVE REL: 0937 HRS Bank of New Zealand GENERAL: BNZ: BNZ Announces Subordinated Notes Offer Bank of New Zealand ("BNZ") confirmed today that it is offering up to NZ$300 million of subordinated unsecured notes (the "Notes") to institutional investors and to New Zealand retail investors, with the ability to accept unlimited oversubscriptions. The Notes have a term of 10 years but may be repaid earlier in certain circumstances. The Notes may also be converted into ordinary shares in National Australia Bank Limited ABN 12 004 044 937 ("NAB") or written off if BNZ or NAB experience severe financial difficulty. The Notes will be treated as Tier 2 Capital for BNZ and the NAB Level 2 Group. The Notes are not guaranteed by NAB or any other person. The opening date for the offer is 23 November 2015. The indicative issue margin range is 2.25% - 2.50% per annum. The initial interest rate (including the margin) will be set and announced on the Rate Set Date (20 November 2015). The interest rate on the Notes will be fixed until 17 December 2020 when it will be reset for a further 5 years. Payments on the Notes are subject to BNZ satisfying a solvency condition. The Notes are expected to be quoted on the NZX Debt Market* and have been assigned a credit rating of BBB+ by Standard and Poor's, and A3 (hyb) by Moody's. The Notes are complex securities and riskier than a term deposit. The Notes are not call deposits or term deposits with BNZ and may not be suitable for many investors. Full details of the Notes are contained in the Investment Statement dated 11 November 2015 and at www.bnz.co.nz/BNZSubordinatedNotes. *Application has been made to NZX for permission to quote the Notes on the NZX Debt Market and all the requirements of NZX relating to that application that can be complied with on or before the date of this announcement have been duly complied with. However, the Notes have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement. NZX is a licensed exchange, and the NZX Debt Market is a licensed market under the Financial Markets Conduct Act 2013. - ENDS - For further information contact: Neil Bradley Treasurer, BNZ Phone: (09) 976 5020 BNZ 0800 284 017 Deutsche Craigs Limited 0800 226 263 First NZ Capital Securities Limited 0800 005 678 Forsyth Barr Limited 0800 367 227 Macquarie Capital (New Zealand) Limited 0800 742 737 JBWere (NZ) Pty Limited 0800 555 555 End CA:00273184 For:BNZ Type:GENERAL Time:2015-11-11 09:37:45
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