- Release Date: 20/11/15 13:29
- Summary: INTEREST: BNZ: BNZ Announces Subordinated Notes Interest Rate
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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
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