Kiwibank Limited (Kiwibank) has set the Distribution Rate for the first five and a half years, until the First Optional Redemption Date (24 April 2030), of its $275 million perpetual preference shares (PPS) issue at 7.38% per annum. This equals the sum of the Swap Rate plus the Margin of 3.70% per annum.
On the First Optional Redemption Date, the Distribution Rate will change to a floating rate that resets at quarterly intervals. The Distribution Rate will be equal to the sum of the 3 Month Bank Bill Rate (a benchmark interest rate for a three month period) plus the same Margin.
The PPS are expected to be issued on 24 October 2024 and quoted on the NZX Debt Market on 25 October 2024 under the ticker code KWBHB.
A copy of the final terms sheet (updated for the Distribution Rate set out above) will be available on the NZX shortly.
Details of the offer and the PPS are contained in the Limited Disclosure Document (LDD), which is available on the Disclose Register at www.disclose-register.companiesoffice.govt.nz/ under offer number OFR13831.
For further information and a copy of the LDD, please contact a Joint Lead Manager or your usual financial advice provider.
Joint Lead Managers
Media contact: Ben Mabon, Head of External Communications 027 288 3263.
Geoff Martin, Head of Funding - 04 439 6932, geoff.martin@kiwibank.co.nz