Kiwibank Subordinated Notes

Information on capital instruments issued by Kiwibank.

Subordinated notes

Issuer

Kiwibank Limited

Rating

Moody’s rating of Baa3

Principal amount

Up to $275m

Issue date

11 December 2020

Margin

To be set on 4 December 2020

Interest rate (for the first 5 years of the term)

To be set on 4 December 2020

Interest frequency

Quarterly

Interest payment dates

11 December, 11 March, 11 June, 11 September

Payments conditional

The payment of interest and any early repayment of the subordinated notes are subject to certain conditions being met.

Write-off

If Kiwibank experiences financial difficulty before the Transition Date (expected to be 1 July 2021), the subordinated notes may be written off.

Rate Reset and Optional Redemption Date

11 December 2025

Maturity date

11 December 2030

Details of the subordinated notes are contained in the Limited Disclosure Document, available on the online Disclose Register maintained by the Companies Office at disclose-register.companiesoffice.govt.nz/ (offer number OFR13006).

Registrar

The Registrar for the Subordinated Notes is:

Link Market Services Limited

Level 11, Deloitte Centre

80 Queen Street

Auckland 1010

PO Box 91976

Auckland 1142

Phone: +64 9 375 5998 (for investor enquiries)

Fax: +64 9 375 5990

Visit: linkmarketservices.co.nz

Offer Announcement - 30 November 2020