Perpetual preference shares 2024
Issuer |
Kiwibank Limited |
NZX ticker code |
KWBHB |
Rating |
Moody’s rating of Ba1 |
Issue amount |
$275m |
Issue date |
24 October 2024 |
Margin |
3.70% |
Distribution rate (until the First Optional Redemption Date) |
7.38% |
Distribution rate (after the First Optional Redemption Date) |
A floating rate that resets at quarterly intervals |
Distribution frequency |
Quarterly |
Scheduled distribution payment dates |
24 January, 24 April, 24 July and 24 October in each year |
Distributions are discretionary and subject to conditions |
Kiwibank has full discretion at all times to cancel distributions on the PPS. In addition, the payment of any distribution on any Distribution Payment Date is subject to certain conditions. |
Optional Redemption Dates |
24 April 2030 and each quarterly Scheduled Distribution Payment Date after that date. |
No fixed maturity date |
The PPS have no fixed maturity date and will remain on issue indefinitely if not redeemed by Kiwibank. |
Details of the offer and the perpetual preference shares are contained in the Limited Disclosure Document for the offer, which is available at the link below. Further details of the offer are also available on the online Disclose Register maintained by the Companies Office at disclose-register.companiesoffice.govt.nz/ (offer number OFR13831).
For current trading information, please visit nzx.com.
Announcements
Limited Disclosure Document Registration Announcement – 11 October 2024
Indicative Margin Range Announcement – 14 October 2024
Rate Set Announcement – 17 October 2024
Documents
Subordinated notes 2023
Issuer |
Kiwibank Limited |
NZX ticker code |
KWB1T2 |
Rating |
Moody’s rating of Baa2 |
Principal amount |
$200m |
Issue date |
12 May 2023 |
Margin |
2.20% |
Interest rate (for the first 5 years of the term) |
6.40% |
Interest frequency |
Quarterly |
Interest payment dates |
12 August, 12 November, 12 February, 12 May |
Payments conditional |
The payment of interest and any early repayment of the subordinated notes are subject to certain conditions being met. |
Rate Reset Date and First Optional Redemption Date |
12 May 2028 |
Maturity date |
12 May 2033 |
Details of the subordinated notes are contained in the Limited Disclosure Document for the offer, which is available at the link below. Further details of the offer are also available on the online Disclose Register maintained by the Companies Office at disclose-register.companiesoffice.govt.nz/ (offer number OFR13513).
For current trading information, please visit nzx.com.
Announcements
Rate Set announcement - 5 May 2023
Limited Disclosure Document Registration Announcement - 26 April 2023
Indicative Margin range Announcement - 2 May 2023
Documents
Perpetual preference shares 2021
Issuer |
Kiwibank Limited |
NZX ticker code |
KWBHA |
Rating |
Moody’s rating of Ba1 |
Issue amount |
$250m |
Issue date |
2 November 2021 |
Margin |
2.60% |
Distribution rate (for the first 5 year period) |
4.93% |
Distribution frequency |
Quarterly |
Distribution payment dates |
2 February, 2 May, 2 August and 2 November |
Payments conditional |
The payment of distributions and any redemption of the perpetual preference shares are subject to certain conditions being met. |
Rate Reset and Optional Redemption Dates |
2 November 2026 and each 5-year anniversary of that date |
Maturity date |
None |
Details of the offer and the perpetual preference shares are contained in the Product Disclosure Statement for the offer, which is available at the link below. Further details of the offer are also available on the online Disclose Register maintained by the Companies Office at disclose-register.companiesoffice.govt.nz/ (offer number OFR13177).
For current trading information, please visit nzx.com.
Announcements
PDS lodgement announcement – 8 October 2021
Indicative Margin range announcement – 18 October 2021
Rate set announcement – 21 October 2021
Documents
Subordinated notes 2020
Issuer |
Kiwibank Limited |
NZX ticker code |
KWB010 |
Rating |
Moody’s rating of Baa2 |
Principal amount |
$275m |
Issue date |
11 December 2020 |
Margin |
1.90% |
Interest rate (for the first 5 years of the term) |
2.36% |
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. |
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).
The Deed Poll was amended in September 2021. Download our latest Deed Poll.
For current trading information, please visit nzx.com.
Registrar
The Registrar for the subordinated notes and perpetual preference shares is:
MUFG Pension & Market Services (NZ) Limited
(previously known as Link Market Services Limited)
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142