Kiwibank Limited (Kiwibank) has today announced that the bookbuild for its offer of unsecured subordinated loss absorbing notes (Subordinated Notes) has been completed and confirmed that $275 million has been reserved for clients of those participants in the bookbuild process who have received firm allocations.
The margin for the Subordinated Notes has been set at 1.90% per annum and the interest rate for the first five years at 2.36% per annum. On 11 December 2025, if the Subordinated Notes have not been redeemed early on that date, the interest rate will be reset by adding the margin to the five year swap rate as at that date.
The Subordinated Notes will be issued on 11 December 2020 and are expected to be quoted on the NZX Debt Market under the ticker code KWB010.
Details of the offer and the Subordinated Notes are contained in the Limited Disclosure Document, available on the online Disclose Register maintained by the Companies Office (https://disclose-register.companiesoffice.govt.nz/ offer number OFR13006) or by contacting one of the Joint Lead Managers to the offer (listed below) or your usual financial adviser.