BNZ
20/11/2015 13:29
INTEREST
PRICE SENSITIVE
REL: 1329 HRS Bank of New Zealand
INTEREST: BNZ: BNZ Announces Subordinated Notes Interest Rate
Bank of New Zealand ("BNZ") confirmed today that it has closed the bookbuild
for the offer of subordinated unsecured notes ("Notes") for NZ$550 million.
The initial interest rate for the Notes will be 5.314 per cent per annum,
which reflects a margin of 2.250 per cent over the 5 year swap rate. The
interest rate will be reset on 17 December 2020 for a further 5 years.
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. Payments on the Notes are
subject to BNZ satisfying a solvency condition. The Notes will be issued on
17 December 2015. The Notes are expected to be quoted on the NZX Debt
Market*.
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.
The Notes are not guaranteed by NAB or any other person.
Full details of the Notes are contained in an 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, 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:00273821 For:BNZ Type:INTEREST Time:2015-11-20 13:29:18
